CPPIB, Ontario Teachers part of group buying satellite operator Inmarsat for $3.4-billion GlobeBusiness
A private equity-led consortium agreed to buy Inmarsat PLC for about $3.4-billion in cash after the British satellite operator last year rebuffed a slightly lower bid from U.S. rival EchoStar.
The company was the first international satellite operator to be privatised, and Apax was part of the group that invested in 2003, before taking it public two years later. The consortium’s approach, which was made on Jan. 31 but disclosed only last week, comes after Inmarsat rebuffed a $3.25 billion cash and stock bid from EchoStar last summer.Colorado-based EchoStar had proposed a cash and stock offer of 265 pence in cash and 0.0777 EchoStar shares for every Inmarsat share held, which valued Inmarsat at about 532 pence-a-share at the time.
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