Inmarsat, the satellite internet-of-things (IoT) communications giant, has accepted a US$3.4 billion takeover offer from a North American private equity consortium which includes Apax and Warburg Pincus.
The takeover prices Inmarsat at approximately $7.21 a share but still needs to be accepted by the company’s shareholders. Inmarsat’s board has recommended they do so.
It also follows a different takeover offer from US firm EchoStar in 2018, which Inmarsat – International Maritime Satellite Organization – claimed undervalued it.
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Apax and Warburg Pincus held a majority stake in Inmarsat in 2003 but floated the company on the stock market in 2005.
As part of the new takeover deal, the firm has promised to keep Inmarsat in its current location in Old Street, London, and continue research and development spending at current levels.
Inmarsat currently operates 13 satellites global connectivity services to the maritime industry and the wider supply chain. The UK government recently labelled the company as critical to the country’s logistics infrastructure and invested $1.2 billion in the satellite communications industry
In February 2018 Inmarsat struck a deal with Microsoft to improve greater supply chain visibility and allow customers to transfer Industrial IoT (IIOT) data to the cloud, a story PTI reported on.