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Inmarsat plans IPO
Posted: Thu, Jun 2, 2005, 8:21 AM ET (1221 GMT)
Satellite operator Inmarsat announced Wednesday that will conduct an initial public offering (IPO) of stock later this year, a move that will raise nearly $700 million for the communications company. The London-based company said it expects trading of 164.5 million shares of stock to begin on the London Stock Exchange on or around June 22. The offering would value the entire company at around £1.1 billion (US$2 billion). Inmarsat started a quarter-century ago as a noncommercial international organization to provide satellite communications services at sea; the company was privatized several years ago and was recent acquired by private equity forms Apax and Permira, as part of a wave of such acquisitions in the satellite communications sector. The IPO follows similar offerings in recent months by PanAmSat and New Skies Satellites.
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