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Viasat to buy UK's Inmarsat in $7.3bn deal

Mon 08 November 2021 11:59 | A A A

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(Sharecast News) - California-based Viasat has agreed to buy British mobile satellite communications group Inmarsat in a $7.3bn deal.

The transaction is comprised of $850m in cash, around 46.36m shares of Viasat common stock and the assumption of $3.4bn of net debt.

Viasat said the combination will create "a leading global communications innovator with enhanced scale and scope to affordably, securely and reliably connect the world".

Viasat's executive chairman Mark Dankberg said: "This is a transformative combination that advances our common ambitions to connect the world. The unique fusion of teams, technologies and resources provides the ingredients and scale needed for profitable growth through the creation and delivery of innovative broadband and IoT services in new and existing fast-growing segments and geographies.

"Inmarsat's dual-band global mobile network, unique L-band resources, skills and capabilities in the UK and excellent technical and operational talent worldwide, are powerful complements to Viasat's business. Together, we can advance broadband communications and create new hybrid space and terrestrial networks that drive greater performance, coverage, speed, reliability and value for customers. We look forward to welcoming the Inmarsat team into the Viasat family."

A private equity consortium led by Apax and Warburg Pincus bought Inmarsat in a $6bn deal in 2019.

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