StockMarketWire.com - Inmarsat said it had accepted a takeover bid by a consortium led by private equity groups Apax and Warburg Pincus in a deal that valued the Satellite operator at $3.4bn.

Under the terms of the acquisition, Inmarsat shareholders who were entitled to receive the final dividend would receive $7.21 in cash per Inmarsat share, valuing Inmarsat at approximately $3.4bn, equivalent to about £2.6bn.

The sterling equivalent 546p per share offer for Inmarsat was 46% above the company's closing price of 375 pence per Inmarsat Share on 30 January 2019, the date prior to the consortium submitting its non-binding proposal to Inmarsat.

The consortium said that it would maintain Inmarsat's headquarters in the UK; and maintain a level of expenditure on R&D that was consistent with Inmarsat's past practice.

Inmarsat's directors said they intend to unanimously recommend that shareholders vote or procure votes in favour of the deal at the Court Meeting and the resolutions to be proposed at the Inmarsat General Meeting.

The court meeting and the General Meeting were expected to be held prior to 31 May 2019. 

The acquisition was expected to become effective during the fourth quarter of 2019.

'Inmarsat is a business which continues to grow as we invest in our infrastructure to support our customers' requirements. Increasingly, these requirements are for higher performance broadband connectivity. The expertise and skills of our employees, together with continued investment in our technology and infrastructure, are integral to delivering on our growth potential. We are pleased that the Consortium recognises this and that we are able to present this offer to shareholders,' said Andrew Sukawaty, non-executive Chairman of Inmarsat.

At 10:20am: [LON:ISAT] Inmarsat PLC share price was +44p at 550.2p



Story provided by StockMarketWire.com