7th Nov 2014 07:44
LONDON (Alliance News) - Mobile satellite communications services provider Inmarsat PLC said Friday it has agreed to sell its 19% holding in SkyWave Mobile Communications Inc to ORBCOMM Inc for USD32.2 million.
As part of the deal, Inmarsat will buy SkyWave's satellite network assets, which it hosts on three of its Satellite Access Stations, for USD7.5 million.
It expects to complete the stake sale in early 2014. Inmarsat said the sale was part of "a suite" of agreements with ORBCOMM that it believes will enhance both ORBCOMM's and Inmarsat's machine-to-machine capabilities.
The agreements also cover the joint ownership and future development and commercialisation of Inmarsat's IsatData Pro technology. IsatData Pro is a short message service for machine-to-machine communication.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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