15th Apr 2009 16:15
Inmarsat completes acquisition of Stratos Global
and implements new distribution terms with partners
15th April 2009 - Inmarsat plc (LSE: ISAT), the leading provider of global mobile satellite communications services, today confirms that it has completed the acquisition of Stratos Global Corporation ('Stratos'). Inmarsat has also signed new distribution agreements with all of its major partners. Trading under the new agreements begins today.
Following today's closing, Stratos will become a wholly-owned operating division of the Inmarsat group. Stratos operations will continue to be managed by the existing Stratos management team, reporting directly to Inmarsat at a corporate level. Inmarsat has implemented a fair channel management policy by a segregation of its wholesale and Stratos operating divisions. Inmarsat remains committed to a primarily indirect distribution model through its existing channels to market.
Andrew Sukawaty, Inmarsat's Chairman and Chief Executive Officer said, "We are pleased to have completed the acquisition of Stratos in line with our plan. The Stratos business has performed strongly in the last two years and we look forward to continuing and developing on this success. Our strategy is to work with all distributors, including our Stratos division, to develop opportunities for increasing market penetration of our global services. Our goal is stability and continuity in our channel for the benefit of all customers."
As previously announced, the acquisition of Stratos was funded in December 2007 and no additional financing was required to complete the transaction. Approvals from key regulators such as the Federal Communications Commission (USA) and the Minister of Industry, Canada were received in connection with the transaction.
For information, please contact:
Investor enquiries:
Simon Ailes: +44 20 7728 1518
Media enquiries:
Chris McLaughlin: +44 20 7728 1015
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