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Viasat, Inmarsat reach jobs and R&D deal with UK government
Amid their proposed merger, Viasat and Inmarsat claim the agreement ensures the combined company will be a strong contributor to the UK National Space Strategy.
March 21, 2022
1 Min Read
CARLSBAD, Calif., and LONDON – Viasat and Inmarsat, the US and UK satellite communications groups, have agreed on a package of legally-binding economic undertakings with the UK Government's Department for Business, Energy and Industrial Strategy (BEIS) as part of the proposed combination of the two companies. BEIS welcomed the constructive discussions that have taken place with both companies on their future plans. The transaction remains subject to the regulatory processes of the UK.
The Deed provided to the UK Government includes undertakings ranging from three to five years in duration to:
Expand the number of highly skilled jobs in key areas, including the design and development of satellites, ground stations and other advanced technologies;
Increase overall R&D spending in the country by 30% and create a UK R&D Centre of Excellence;
Maintain core satellite, network and cybersecurity operational capabilities in the UK;
Ensure continued ownership of Inmarsat's current satellite fleet by a UK company;
Leverage the UK supply chain, particularly for delivery of national critical infrastructure;
Preserve the use of the Inmarsat brand with a focus on the maritime segment;
Create a UK Board of Directors with approval authority over key strategic decisions for Inmarsat Group entities; and
Establish the global international business headquarters of the combined company in London.
Viasat will also continue with its previously announced plan to invest £300 million in the UK over a 10-15 year period, with a minimum of £75 million within five years after the closing of the transaction.
Read the full announcement here.
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