UK satellite operator Inmarsat snapped up by US rival Viasat in £5.4bn deal
An American satellite group has swooped on British rival Inmarsat in a £5.4billion deal.
Viasat’s approach comes just two years after Inmarsat was taken over by private equity firms Warburg Pincus and Apax Partners with the help of Canadian pension giants for £4.4billion.
Inmarsat has backed the deal. The quick turnaround – which has netted investors £1billion – is likely to anger opponents of the 2019 takeover who argued Inmarsat could be put up for sale again to another foreign buyer.
Viasat has pounced on Inmarsat in a £5.4bn deal just two years after the British satellite operator was taken over by private equity firms Warburg Pincus and Apax Partners for £4.4bn
It is one of a string of hi-tech British firms that has been targeted by overseas companies in the last two years, alongside the likes of Cobham, Meggitt and Ultra Electronics.
Inmarsat is one of the world’s leading mobile and satellite communication specialists. It has major contracts with the UK and US militaries.
Inmarsat boss Rajeev Suri said in July that the firm was in the ‘sweet spot’ for an expected deal-making frenzy in the sector.
Viasat has pledged to keep Inmarsat’s headquarters in London and plough investment into its UK work.