Report: Inmarsat Shareholders OK $3.4B Takeover Offer From Private Equity Firms, Pension Funds

Holders of nearly 79 percent of shares at Inmarsat approved Friday a $3.4B takeover offer from a consortium of private equity firms and two Canada-based pension funds, Reuters reported Friday.

The vote came after the U.K.-based satellite telecommunications firm’s board backed the $7.21 per share cash bid from Apax Partners, Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board.

The consortium said its bid was driven by Inmarsat’s long-term communications contracts with government agencies and the potential of the firm’s broadband connectivity services business supporting airlines.

Inmarsat expects a scheme of arrangement for the takeover to take effect in the fourth quarter.

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