Report: EchoStar Reveals 3% Equity Stake in Inmarsat

Colorado-based EchoStar (Nasdaq: SATS) disclosed in a stock exchange filing that it has secured a 3 percent equity stake in U.K.-based Inmarsat valued at approximately $108.9 million and a 10.4 percent position in the latter’s convertible bonds worth $67.4 million, Reuters reported Friday.

EchoStar needs to decide by July 6 whether to propose a firm offer for Inmarsat or forgo the plan, according to rules established by the U.K. takeover panel.

Eutelsat Communications and ViaSat (Nasdaq: VSAT) have been cited by analysts as potential counterbidders for Inmarsat, which offers satellite communication services to U.S. government clients through its Herndon, Va.-based subsidiary.

EchoStar’s stakebuilding came weeks after Inmarsat turned down the former’s preliminary takeover bid, saying the offer “undervalued” the satcom services provider.

Check Also

US Navy

Navy Seeks to Advance Maritime Sustainment Tech Prototype Projects Through Consortium

The Naval Surface Warfare Center, Philadelphia Division has asked industry for proposals to organize and run a consortium that will carry out individual and collaborative prototype projects related to maritime sustainment technology concepts through its members.

Marine Corps Taps BAE for Wargame Hub Design Project; Peder Jungck Quoted

BAE Systems has received a $19M contract from the U.S. Marine Corps to design a wargaming center prototype that will incorporate artificial intelligence, machine learning, data analytics, modeling and simulation processes.