10th May 2019 15:43
LONDON (Alliance News) - Inmarsat PLC on Friday said its shareholders had agreed the terms of a recommended acquisition by Connect Bidco Ltd, a newly incorporated entity owned by a consortium of funds advised by Apax Partners LLP.
The FTSE 250-listed satellite telecommunications firm explained that 79% of votes cast by investors were in favour of the deal at the vote on Friday, with 21% voting against the proposal.
In March, Inmarsat agreed a USD3.4 billion takeover offer from a consortium led by UK private equity firm Apax.
The Apax consortium - which includes Warburg Pincus International LLC, the Ontario Teachers' Pension Plan Board, and the Canada Pension Plan Investment Board - made a USD7.21 per share offer for the FTSE 250-listed firm, equivalent to 553 pence per share.
Shares in Inmarsat were 0.7% higher at 533.60 pence on Friday.
The takeover still remains subject to the sanction by the court at the court hearing. The transaction is expected to complete in the fourth quarter of 2019.
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