Inmarsat accepts $3.4bn takeover offer

Inmarsat accepts $3.4bn takeover offer

UK-headquartered satellite communications group Inmarsat has agreed to a takeover offer from Triton Bidco, a joint venture company owned by Apax, Warburg Pincus, Canada Pension Plan Investment Board, and Ontario Teachers’ Pension Plan Board.

Inmarsat shareholders will receive $7.21 per share, valuing the company at around $3.4bn.

“Triton Bidco believes that the satellite sector is attractive, with unique characteristics, including long lead times and the need for deep technical expertise, while operators in the sector require strategic management and a long investment horizon,” a statement read.

Inmarsat headquarters will remain in the UK and Triton Bidco said intends to ensure that Inmarsat will maintain a level of expenditure on research and development consistent with Inmarsat’s past practice.

Andrew Sukawaty, non-executive chairman of Inmarsat, commented: “Inmarsat is a business which continues to grow as we invest in our infrastructure to support our customers’ requirements. Increasingly, these requirements are for higher performance broadband connectivity. The expertise and skills of our employees, together with continued investment in our technology and infrastructure, are integral to delivering on our growth potential. We are pleased that the Consortium recognises this and that we are able to present this offer to shareholders.”

It is expected that the acquisition will be completed during the fourth quarter of 2019.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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