Inmarsat sale to wrap on Nov 29
November 21, 2019
By Chris Forrester
The Inmarsat $6 billion (€5.4bn) sale to a private equity-led consortium will close next week following a routine Court hearing on November 29th. Inmarsat is being acquired by Connect Bidco which is a consortium comprising Apax Partners, Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board and Warburg Pincus.
However, London-based Inmarsat has also just reported a disappointing set of results with Q3 revenues of $327.3 million, down 11.4 per cent y-o-y. Its Q3 profit (after tax) was $36.1 million (down 89 per cent).
Inmarsat suffered revenue falls in almost all of its verticals: 5 per cent decline in Maritime, 8 per cent decline in Aviation, 16 per cent decline in Enterprise and the one bright segment was 10 per cent growth in Government. Revenues from Inmarsat’s Ligado divisions were seriously down 93 per cent. But even stripping out the Ligado numbers group revenue was down by $9.1 million.