Inmarsat acquisition approved

Shareholders in satellite-based mobile operator, Inmarsat, have approved its US$1.5 billion purchase by European venture capital firms Apax Partners and Permira.

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By  Richard Agnew Published  December 2, 2003

Shareholders in satellite operator, Inmarsat, have approved its US$1.5 billion purchase by European venture capital firms Apax Partners and Permira.

The acquisition was passed at an extraordinary general meeting (EGM) held on December 1st, the operator said in a statement.

Investors representing approximately 97% of its shares voted at the EGM to allow Inmarsat's purchase by Grapeclose Ltd, a joint company formed by Apax Partners and Permira.

Grapeclose's offer, announced in October, amounts to US$1.538 billion, or US$15 per share.

Court approval for the purchase will be sought on December 16th, Inmarsat added.

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