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Watchdog CMA to review Inmarsat's sale to private equity consortium

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By Reuters
Watchdog CMA to review Inmarsat's sale to private equity consortium
FILE PHOTO: Technicians work 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   -   Copyright  Eric Gaillard(Reuters)
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LONDON (Reuters) – The Competition and Markets Authority (CMA) said on Tuesday it was looking whether the proposed acquisition of British satellite company Inmarsat <ISA.L> by a private equity-led consortium would affect the competitive landscape.

The watchdog invited interested parties to come forward with their comments by July 29.

Earlier this year Inmarsat was approached by a consortium which includes British-based Apax Partners, U.S.-based Warburg Pincus and the Canada Pension Plan Investment Board (CPPIB) with a cash bid valuing the business at $3.3 billion (£2.6 billion).

The company has previously drawn interest from U.S. satellite group EchoStar Corp <SATS.O>, which walked away from discussions last year after its bid was turned down.

Britain’s competition regulator has recently blocked merger attempts by supermarket chains Sainsbury <SBRY.L> and Walmart’s <WMT.N> Asda.

(Reporting by Pamela Barbaglia, editing by Louise Heavens)

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