Inmarsat acquisition finalised
Posted: 18 December 2003
Inmarsat confirmed the final approval process for the acquisition
of the company by funds advised by Apax Partners and Permira has
been successfully completed, following overwhelming support for
the transaction from shareholders on 1 December and official Court
approval for the Scheme of Arrangement on 16 December.
Funds advised by Apax Partners and Permira respectively, together
with Inmarsat shareholders which validly elected to rollover their
holdings, will as shareholders in Duchessgrove Limited own the share
capital of Inmarsat through Grapeclose Limited. Consideration is
expected to be despatched to former Inmarsat shareholders on 30
December 2003.
Andrew Sukawaty, currently Chairman of Telenet NV and Deputy Chairman
of mmo2, will become non-executive Chairman of the new Inmarsat
Group. He will work closely with Michael Storey, Inmarsat's CEO
to continue the development of the company's strategy to be the
world's leading mobile satellite communications company by continuing
with plans to launch the Inmarsat-4 satellites and the next generation
of high speed data and voice services - the Broadband Global Area
Network (BGAN) service.
About Inmarsat Ventures Ltd
Inmarsat Ventures Ltd is a leading provider of global mobile satellite
communications services. Its services include voice, fax, intranet
and internet access and other data services used by multinational
corporations, government agencies, media and international aid organisations
and other enterprise level users in the maritime, land and aeronautical
sectors.
For more information see www.inmarsatventures.com.
Posted by Richard Price,
Editor Pipeline Magazine
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