Advised: Apax Partners and Permira on its acquisition of Inmarsat

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Deal summary

Private equity firms Apax Partners and Permira acquired communications company Inmarsat Group Ltd for EUR 1.7 Billion. After negotiations spanning almost 18 months, shareholders finally recommended a $15 per share offer from Apax and Permira for Inmarsat Ventures, the global satellite operator.

The deal was closed via acquisition vehicle Grapeclose, and the offer was chosen ahead of a rival offer from private equity groups Apollo Management and Soros Private Equity.

  • This was Apax Partners’ 1st and Permira’s 3rd transaction in the Communications sector.
  • This was Apax Partners’11th and Permira’s 17th largest transaction.
  • This was Apax Partners’ 9th and Permira’s 15th transaction in the United Kingdom.

About Apax Partners

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel, and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from €1 to €5 billion. Apax Partners was formed in 1981 and is based in London.

About Permira

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey, and New York City.

About Inmarsat Group

Inmarsat (LSE: ISAT) is a British satellite telecommunications company, offering global mobile services. It provides telephone and data services to users worldwide, via portable or mobile terminals which communicate with ground stations through fourteen geostationary telecommunications satellites. Inmarsat's network provides communications services to a range of governments, aid agencies, media outlets and businesses (especially in the shipping, airline and mining industries) with a need to communicate in remote regions or where there is no reliable terrestrial network. The company was listed on the London Stock Exchange until it was acquired by Connect Bidco, a consortium consisting of Apax Partners, Warburg Pincus, the CPP Investment Board and the Ontario Teachers' Pension Plan, in December 2019.

"We believe the cash offer from Grapeclose of $15 per share is attractive and represents good value for our shareholders. Grapeclose is committed to the continuing investment in our new satellite programme that will allow us to provide an even higher speed global broadband service"
Richard Vos Chairman, Inmarsat Ventures
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