Aeronautical satellite communications specialist Inmarsat has agreed to the terms of a takeover offer by newly-established joint-venture company Triton Bidco.
Triton Bidco is equally-owned by a group of four investment funds advised by Apax, Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board.
Inmarsat says the agreement would mean shareholders will receive $7.21 in cash per share, comprising a $7.09 cash consideration plus a final dividend of $0.12.
This values the overall acquisition, comprising the entire share capital of Inmarsat, at $3.4 billion.
Inmarsat says Triton Bidco believes the satellite sector to be “attractive”, with “unique characteristics” including long lead times and “deep” technical expertise, and that operators such as Inmarsat are “well-positioned” as network provision becomes more complex.
Triton Bidco, adds Inmarsat, sees “considerable potential” for the company’s in-flight connectivity business in the commercial aviation sector.
Inmarsat’s UK headquarters would be maintained under the acquisition agreement, which is being unanimously recommended by the company’s directors.