This content is not available in your region

Inmarsat in talks with consortium over $3.3 billion takeover

Access to the comments Comments
Inmarsat in talks with consortium over $3.3 billion takeover
FILE PHOTO: A technician looks at a solar panel on the Inmarsat S-Band/Hellas-Sat 3 satellite in the clean room facilities of the Thales Alenia Space plant in Cannes, France, February 3, 2017. REUTERS/Eric Gaillard/File Photo   -   Copyright  Eric Gaillard(Reuters)
Text size Aa Aa

(Reuters) – Inmarsat has received a cash takeover offer from Apax Partners, Warburg Pincus International and Canada Pension Plan Investment Board (CPPIB), the British satellite company said on Tuesday, valuing the business at about $3.3 billion (2.5 billion pounds).

The consortium offered $7.21 per share on Jan. 31 and the proposal remains under discussion, Inmarsat said in a statement.

The $7.21 (543 pence) per share offer is at a premium of about 24 percent to the 437.8 pence Inmarsat’s shares closed at on Tuesday. The offer price represented a premium of about 47 percent when the proposal was made on Jan. 31.

Ontario Teachers’ Pension Plan Board would also be supporting the proposal as part of the consortium, Inmarsat said.

The offer values Inmarsat at $3.3 billion, according to Refinitiv Eikon data.

Apax, CPPIB and Warburg Pincus did not respond immediately to requests for comment.

Last year U.S. satellite group EchoStar walked away from discussions to buy the FTSE 250 company after it rejected a $3.25 billion cash and stock offer.

(Reporting by Shubham Kalia in Bengaluru; Editing by David Goodman)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.