Inmarsat is to become a private company after accepting a $3.4 billion cash bid from a private equity company.
The consortium comprises Apax Partners, Warburg Pincus and Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan Board. Apax is a former owner of the UK satellite communications firm.
Inmarsat had previously rejected a bid from Echostar, which had renewed its interest in the company.
As it now stands, shareholders will receive $7.21 per share, a mark-up of 45 per cent on the closing price on February 27.
Talks to acquire the company began in late January.
Inmarsat has been working on expanding its offer that now includes internet services to aircraft.