The UK satellite operator Inmarsat is a logical target for private equity firms Apax and Warburg Pincus. Yet that depends on widespread take-up of in-flight broadband, says LiamWardProud:
Inmarsat on March 25 agreed to a $7.21-per-share cash buyout from a consortium comprised of Apax Partners, Warburg Pincus and two Canadian pension funds.
The offer price, which includes a $0.12 final dividend expected to be paid in April, values the UK satellite operator at $3.4 billion, or 2.6 billion pounds. The bidders have pledged to maintain Inmarsat’s UK headquarters and keep its research and development spending “consistent with Inmarsat’s past practice”.
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