LONDON (Alliance News) - Satellite firm Inmarsat PLC has agreed a USD3.4 billion deal with UK private equity firm Apax Partners LLP, Apax said on Monday.
Last week, Inmarsat had said it had received a non-binding offer at USD7.21 per share from a consortium, led by Apax, also consisting of Warburg Pincus International LLC, the Ontario Teachers' Pension Plan Board, and the Canada Pension Plan Investment Board.
The USD7.21 price has now been agreed, and is worth about 546 pence. It is a 46% premium to Inmarsat's closing price on January 30, when the proposal was first made, with shares closing at 535p on Friday last week.
Inmarsat's previously announced USD0.12 final dividend per share will also still be paid under the offer.
The consortium, called Triton Bidco, has already received irrevocable undertakings from shareholders worth 11% of Inmarsat.
Inmarsat's Non-Executive Chair Andrew Sukawaty said: "Inmarsat is a business which continues to grow as we invest in our infrastructure to support our customers' requirements. Increasingly, these requirements are for higher performance broadband connectivity."
Sukawaty added: "The expertise and skills of our employees, together with continued investment in our technology and infrastructure, are integral to delivering on our growth potential. We are pleased the consortium recognises this and that we are able to present this offer to shareholders."
