Satellite communications firm Inmarsat, has agreed to an acquisition by a consortium of private equity firms, including Apax and Warburg Pincus in a deal worth £2.6bn
The consortium also includes Canada Pension Plan Investment Board and Ontario Teacher’s Pension Plan Board.
Under the terms announced on Monday, the satellite firm will be sold for cash at $7.21 a share, the offer represents a 46% premium from when the initial approach was made.
The satellite firm said on Monday, “The Inmarsat board believes that implementation of Inmarsat’s existing strategy would continue to generate significant value for Inmarsat shareholders as an independent company; however, there are risks involved in implementation of what is a long-term, capital intensive strategy.
“The offer from the consortium would allow Inmarsat shareholders the opportunity to realise, in cash in the near term, the value of their holdings in Inmarsat at a material premium to the undisturbed share price.”
The government will have to scrutinise the takeover given Inmarsat is a strategic asset.