logo
Plus   Neg
Share
Email

U.K. Government Set To Approve Takeover Of Inmarsat

The U.K. government is set to approve the takeover of British satellite company Inmarsat Plc (ISAT.L) after the officials found the deal would not result in any competition or national security concerns.

Inmarsat's $3.4 billion acquisition by a consortium of private equity investors and pension funds was announced in March. In July, the U.K. government moved to intervene in the transaction to check its national security impact.

Nicky Morgan, Secretary of State for Digital, Culture, Media and Sport, announced Wednesday that she is proposing to accept statutory undertakings set out by the parties involved in the proposed acquisition of Inmarsat by consortium Connect Bidco Limited.

Morgan said she considers undertakings offered by Inmarsat and Connect Bidco to mitigate national-security risks are appropriate. Further, the U.K.'s Competition and Markets Authority found no competition issues arising from the deal.

The consortium was formed by Apax Partners and Warburg Pincus LLC, along with the Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. is taking necessary precautions including Covid-19 testing for those employees returning to work at its headquarters in Silicon Valley, Bloomberg reported citing people familiar with the process. The company, which opened its main Apple Park office in May bringing back some hardware and software engineers, plans the gradual reopening of the building keeping the coronavirus safeguards. A U.S. appeals court has blocked the sales of Bayer AG's dicamba-based Xtendimax in the United States. The three-judge panel in the U.S. Court of Appeals for the Ninth Circuit ruled that the US Environmental Protection Agency (EPA) overstated the protections and substantially understated or ignored the risks related to the use of dicamba-based herbicides. Tesla Chief Executive Officer Elon Musk has called for a breakup of Amazon after the online retail giant refused to publish an upcoming book about COVID-19. Writer Alex Berenson said on Twitter that Amazon refused to publish his booklet about the coronavirus as it did not comply with the company's guidelines. Berenson is a former New York Times reporter.
Follow RTT