Shares in Inmarsat jump 16 percent on private equity approach
Reuters
Published Mar 20, 2019 08:54
Shares in Inmarsat jump 16 percent on private equity approach
LONDON (Reuters) - Shares in Inmarsat (LON:ISA) Plc jumped 16 percent on Wednesday after the British satellite operator said it was in talks about a $3.3 billion (£2.5 billion) cash takeover approach from a private equity-led consortium.
The consortium, which initially included UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB), was later also joined by Ontario Teachers' Pension Plan Board, Inmarsat said.
"The proposal remains under discussion", Inmarsat said late on Tuesday.
The January 31 approach came six months after Inmarsat rebuffed a $3.25 billion bid from U.S. satellite group EchoStar.
Inmarsat, a long established provider of communication services to shipping, sees a growing opportunity to supply in-flight broadband services to commercial aircraft.
The consortium proposed a cash offer of $7.21, or 544 pence, for every Inmarsat share, a premium of 24 percent to Inmarsat's Tuesday close of 437.8 pence and a 47 percent premium to the price on Jan. 31.
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Written By: Reuters
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