spacetoday.net: Inmarsat accepts British buyout offer

Posted: Fri, Oct 17, 2003, 2:12 PM ET (1812 GMT)
Satellite communications company Inmarsat announced Thursday that it has accepted a $1.5-billion bid from a pair of British private-equity firms, a deal that could raise national security concerns in Washington. Inmarsat said it accepted the offer of $1.538 billion made by Grapeclose Ltd, a company formed by private-equity firms Apax Partners and Permira, to acquire the satellite operator. Apax and Permira had been in exclusive negotiations with Inmarsat for some time after the company rated its bid higher than one made by US firms Apollo Management and Soros Private Equity. The possible sale of Inmarsat, whose ownership had been split among a number of European telecom companies, had raised issues among some members of the US Congress. They were concerned about the sale of Inmarsat, used extensively by the US Navy, to a foreign company. Others had noted that the sale changes very little, since Inmarsat was in foreign hands both before and after the sale.