On March 25, Inmarsat plc (Inmarsat) announced that its board of directors approved a takeover proposal received from Triton Bidco (Triton), a newly formed private equity joint venture equally-owned by funds advised by Apax Partners LLP, funds advised by Warburg Pincus, LLC, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan, pursuant to which Triton would acquire Inmarsat for $3.4b, a 45% premium over Inmarsat’s closing share price on February 27. As a result of the transaction, Inmarsat shareholders would receive $7.09 in cash for each share, as well as a previously announced final dividend, producing a total bid value of $7.21 per share. Inmarsat rejected in July 2018 two successive takeover offers from EchoStar Corporation; the second of those offers, at $3.2b, was $200m below the now-accepted sale price. Triton stated that it believes that Inmarsat’s end markets – particularly maritime and government – position it for growth based on its global infrastructure, technological capabilities and spectrum holdings. Inmarsat’s board has asked the company’s shareholders to approve the transaction; the company’s single largest shareholder, Lansdowne Partners Limited, has already expressed its support.
