Satellite communications company Inmarsat confirmed it is in talks over a $3.3 billion takeover proposal from a consortium of private equity investors based in the US, UK and Canada.
In a statement, Inmarsat said it was in discussions with the group about the bid, adding there was no certainty on the terms of the proposal or if it would lead to a “firm offer”.
The consortium has until 16 April to either announce its intention to go ahead with a final offer or drop its interest, though the deadline could be extended if all parties agree.
It offered $7.21 per share, valuing Inmarsat at around $3.3 billion. The group comprises Apax Partners, Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board and Warburg Pincus International.
Talks on the future of the company come eight months after fellow satellite company EchoStar dropped its interest in acquiring Inmarsat.
EchoStar made a £3.2 billion ($4.2 billion) informal proposal in July, which was rejected for apparently undervaluing the company. At the time French rival Eutelsat was also said to be poised to make a bid, though a formal offer never materialised.
UK-based Inmarsat offers global mobile satellite communications services with high-profile customers in a range of sectors including governments, aid agencies, shipping companies and the aviation industry.Subscribe to our daily newsletter Back