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INMARSAT POISED FOR TAKEOVER

Tuesday, March 26, 2019 

Satellite communications company Inmarsat has agreed to the terms of a takeover offer by Triton Bidco, a joint-venture company owned by a group of four investment funds.

The takeover consortium is said to comprise  two Canadian pension funds, plus Warburg Pincus, a US buyout specialist, and UK venture capital group Apax. In 2018 Inmarsat rejected a takeover from US rival EchoStar, as it felt the offer undervalued the company. This time, the board of directors is recommending acceptance, saying the the Triton Bidco deal is “fair and reasonable”. The current offer values Inmarsat at US$3.4 billion.

Triton Bidco is said to believe the satellite communications market can offer unique characteristics, including technical expertise, with operators such as Inmarsat being positioned to take advantage of the increasing complexity in the sector.

As well as its maritime interests, Inmarsat is strong in commercial aviation. The acquisition agreement is likely to maintain Inmarsat's HQ in the UK.

Inmarsat began as an offshoot of the IMO in 1979, with the original company being split in 1999 into the international regulatory body IMSO and the privatised operating company, today's Inmarsat.

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