Inmarsat is to be acquired by a consortium of private equity investors. Its Board of Directors voted in favour of the acquisition on May 10th with the decision helped by the offer being on all-cash terms.
The consortium, comprising Apax, Warburg Pincus and a pair of Canadian pension funds, will pay $3.3 billion (€2.9bn) for the satellite operator.
The deal is expected to close in Q4 this year following regulatory approvals.
The new buyers, via their acquisition vehicle, said it believes that the satellite sector is attractive and that Inmarsat is well positioned to serve growing demand for broadband connectivity.