9th Oct 2019 11:37
(Alliance News) - The buyers of satellite firm Inmarsat PLC have completed a syndication and bond issuance needed for the deal, Inmarsat said Wednesday.
The proceeds of the bond issue are being held in escrow ahead of completion of the acquisition.
Inmarsat in March agreed to a GBP3.4 billion takeover by a consortium including private equity firm Apax Partners LLP, Warburg Pincus International LLC, the Ontario Teachers' Pension Plan Board, and the Canada Pension Plan Investment Board.
In September, several US regulators approved the deal, but it is under scrutiny in the UK over potential national security concerns. In the middle of September, the UK Competition & Markets Authority delivered its report on the matter to Secretary of State for Digital, Culture, Media & Sport Nicky Morgan, but no details of the report were unveiled.
Inmarsat shares were marginally lower on Wednesday morning in London at a price of 582.80 pence each.
By George Collard; [email protected]
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