The buying consortium hopes to complete takeover by the end of this year
Following the news that the proposed $6bn acquisition of the satellite communications group, Inmarsat, had been referred to the UK Competitions & Markets Authority (CMA) for clearance, the buying consortium has given reassurances to the UK government about its future commitments to the UK.
Inmarsat, 40 years’ old this year, has long had a presence in the global yachting market but increasing this had been identified as part of its future growth strategy.
The concerns about the takeover deal also related to national security implications for the UK, but the buying consortium hopes its reassurances will also address these issues. The reassurances comprise a series of legally-binding commitments in an initiative which the buying consortium believes will gain the support of the UK government to allow the deal to proceed.
The investigation by the CMA and clearance of the national security concerns could take months and may possibly delay the deal if it is allowed to proceed. The buying consortium, which includes Apax Partners from the UK and Warburg Pincus from the US, is hoping to complete the takeover by the end of this year. If that goes ahead, then Inmarsat will be delisted from the UK’s London Stock Exchange.