Global satellite communications provider Inmarsat has accepted a USD 3.4 billion takeover offer from a consortium led by Apax Partners.
The supplier of communication services to the shipping industry is to be acquired by the newly-formed Triton Bidco consortium, which is composed of private equity investment group Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan Board.
The acquisition is expected to become effective during the fourth quarter of 2019, pending relevant competition authority clearances.
“As experienced and long-term investors in telecommunications, the consortium values and admires Inmarsat for its proven expertise in maritime, aviation, defence and broadband satellite communications, alongside its strong market positions and potential for growth,” consortium principals said commenting on the acquisition.
“Following completion of the transaction, we intend to maintain Inmarsat’s UK headquarters, and to work with its highly skilled workforce to realize the company’s full potential.”
Triton Bidco noted it would ensure that Inmarsat complies in full with the obligations under the Public Services Agreement with International Mobile Satellite Organization in respect of the provision of the Global Maritime Distress and Safety System.