Apax and Permira provide funds to revive the satellite operator

December 17, 2003

1 Min Read

Inmarsat confirms that the final approval process for the acquisition of the company by funds advised by Apax Partners and Permira has been successfully completed, following overwhelming support for the transaction from shareholders on 1 December and official Court approval for the Scheme of Arrangement on 16 December. Funds advised by Apax Partners and Permira respectively, together with Inmarsat shareholders which validly elected to rollover their holdings, will as shareholders in Duchessgrove Limited own the share capital of Inmarsat through Grapeclose Limited. Consideration is expected to be despatched to former Inmarsat shareholders on 30 December 2003. Andrew Sukawaty, currently Chairman of Telenet NV and Deputy Chairman of mmo2, will become non-executive Chairman of the new Inmarsat Group. He will work closely with Michael Storey, Inmarsat's CEO to continue the development of the company's strategy to be the world's leading mobile satellite communications company by continuing with plans to launch the Inmarsat-4 satellites and the next generation of high speed data and voice services -- the Broadband Global Area Network (BGAN) service.

Inmarsat Ventures Ltd. Apax Partners Permira

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