Author: Jane Edwards|| Date Published: May 26, 2023
Viasat (Nasdaq: VSAT) is set to close the acquisition of U.K.-based satellite communication services provider Inmarsat by the end of May after the European Commission issued unconditional clearance to the approximately $7.3 billion transaction.
The commission said Thursday it concluded that the deal would not impact competition in the broadband in-flight connectivity services market in the European Economic Area.
In November 2021, Viasat agreed to acquire Inmarsat in a cash-and-stock transaction 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 clearance came a week after the U.S. Federal Communications Commission unconditionally approved the proposed merger.
On May 9, the U.K. Competition and Markets Authority also gave the proposed Viasat-Inmarsat combination the green light to proceed following the completion of an in-depth review.
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