As expected, the proposed sale of London-based Inmarsat to a consortium with Warburg Pincus as a key player has sailed through its approval process from the UK’s Department of Culture, Media & Sport.
The formal acquisition of Inmarsat is being undertaken by Connect Bidco which is a consortium comprising Apax Partners LLP, Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board and Warburg Pincus LLP) of Inmarsat plc (Inmarsat).
The UK Secretary of State for Digital, Culture, Media and Sport, Nicky Morgan, on October 29th announced that she has accepted statutory undertakings from the parties involved in the proposed acquisition of Inmarsat by Connect Bidco Limited and that the acquisition will not therefore be referred to the Competition and Markets Authority for a phase 2 inquiry under the Enterprise Act 2002.
The decision follows a public consultation on the draft undertakings. The Secretary of State believes the undertakings provide assurance that sensitive information is protected and that enhanced security controls are in place to ensure the continued supply of key services used by the Ministry of Defence.