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Consortium Makes USD 3.4bn Cash Offer for Inmarsat.

M2 EQUITYBITES-March 26, 2019-Consortium Makes USD 3.4bn Cash Offer for Inmarsat


26 March 2019 - Canadian single-profession pension plan Ontario Teachers' Pension Plan is part of a consortium, which includes funds advised or managed by Apax Partners, Warburg Pincus and Canada Pension Plan Investment Board (CPPIB), which has formed Triton Bidco to acquire UK-based satellite telecommunications firm Inmarsat (LSE: ISAT), the organisation said.

Triton Bidco has reached agreement with the board of Inmarsat on the terms of a recommended cash offer by Triton Bidco to acquire the entire issued and to be issued share capital of Inmarsat.

The transaction is subject to shareholder and regulatory approvals.

This cash offer is worth USD 3.4bn.

Inmarsat is a provider of mobile satellite services, providing data and voice connectivity to end-users worldwide, with 40 years of experience in designing, launching and operating satellite-based networks.

Inmarsat has an in-orbit fleet of 13 owned and operated satellites in geostationary orbit and provides a comprehensive portfolio of global mobile satellite communications services for customers on the move or in remote areas for use on land, at sea and in the air.

Triton Bidco said it believes the satellite sector's unique characteristics long lead times and the need for deep technical expertise make it attractive, but it is also a sector requiring strategic management and a long investment horizon.

Triton Bidco believes that integrated satellite operators with scale like Inmarsat are well positioned as network provision becomes more complex.

The Ontario Teachers' Pension Plan is Canada's largest single-profession pension plan, with USD 193.9bn in net assets at June 30, 2018.

It holds a global portfolio of assets, approximately 80% of which is managed in-house, and has earned an average annualized rate of return of 9.9% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto.

Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East and Africa region office is in London.

The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario's 323,000 active and retired teachers.

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Publication:M2 EquityBites (EQB)
Geographic Code:1CONT
Date:Mar 26, 2019
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