18th Sep 2019 10:54
(Alliance News) - The private equity takeover of satellite firm Inmarsat PLC has received regulatory approval in the US, the consortium buying the company said on Wednesday.
Inmarsat in March agreed 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.
They have now received approved from the Committee on Foreign Investment in the US. Approval was also granted by Team Telecom, made up of members of the US Department of Homeland Security, the Department of Justice, and the Department of Defense.
This comes as the UK looks into possible national security concerns. On Tuesday, the UK Competition & Markets Authority submitted a report to the UK government, though gave no details as to what is in the report.
The CMA was told by the government to prepare a report outlining any potential competition or national security concerns. The UK secretary of state has the power to intervene on national security grounds.
Inmarsat shares were 0.1% lower on Wednesday morning in London at 584.20 pence each.
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