Viasat completes acquisition of Inmarsat
Viasat Inc has confirmed the completion of its acquisition after the deal was stalled by an investigation by EU antitrust regulators…
Viasat Inc has confirmed the completion of its acquisition of Inmarsat on May 31, 2023, a move set to increase its impact in the satellite communications industry. The merger of Inmarsat and the US-based telecoms giant Viasat, announced in 2021, had previously been referred to EU antitrust regulators.
Mark Dankberg, Chairman and CEO of Viasat, said, "The combination of our companies brings together the people, technology, innovation, network assets, spectrum resources and global partnerships needed to help connect the world more affordably, securely and reliably."
The integrated company merges the assets of 19 satellites across Ka-, L-, and S- bands, set to improve connectivity across maritime, aviation, government, and consumer markets.
Inmarsat shareholders received $551 million in cash and approximately 46.36 million shares of common stock in the agreement. Viasat financed the acquisition with a drawdown of approximately $1.35 billion from its committed financing package.
The combined company will continue to be led by Mark Dankberg as Chairman and CEO and Guru Gowrappan as President. The new entity will be headquartered in Carlsbad, California, with a global business office in London. "This combination broadens the global fixed and mobile services available to customers in an industry-defining moment," said Gowrappan.
"Satellite communications is a hugely significant and strategic global market for the U.K. space sector, now poised for an exciting next phase," said George Freeman MP, the U.K.'s Minister of State at the Department of Science, Innovation & Technology.
"The combination of Viasat and Inmarsat creates a global leader in satellite communications here in the U.K. It brings significant investment, hundreds of new highly skilled jobs and will serve as a catalyst for substantial economic growth. Having met both companies, I look forward to working with them as we use the U.K.'s regulatory freedom and leadership to support advanced technologies to boost the space economy's productivity, profitability and sustainability."
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