Author: Jane Edwards|| Date Published: May 30, 2023
A consortium of shareholders that purchased U.K.-based satellite communication services provider Inmarsat in 2019 nominated CEO Rajeev Suri and Chairman Andrew Sukawaty to serve as members of the board of directors of Viasat (Nasdaq: VSAT) upon completion of the two companies’ merger.
Suri and Sukawaty will step down from their roles once Viasat completes its acquisition of Inmarsat, the British company said Friday.
In November 2021, Viasat agreed to acquire Inmarsat in a cash-and-stock deal valued at $3.9 billion, plus $3.4 billion in assumed net debt, to provide a global hybrid network for government and enterprise communications.
The nomination move came a day after the deal received unconditional clearance from the European Commission. The transaction is now expected to close by the end of May.
“Both he and Andy will have our full support in those roles. We look forward to seeing the enlarged group build on the momentum from Inmarsat and accelerate it further,” the shareholder consortium said in a statement.
The consortium is composed of representatives from CPP Investments, funds advised by Warburg Pincus and Apax Partners and Ontario Teachers’ Pension Plan Board.
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