A consortium of private equity firms has reportedly agreed a deal to buy the UK based satellite operator

UK satellite and telecommunications firm Inmarsat has accepted a takeover bid of $3.4 billion from an international consortium, according to reports in the UK press.

The Guardian reported that a consortium headed up by London based Apax, two Canadian pension funds and Warburg of New York had their bid accepted earlier today.

The consortium will pay $7.21 per share for Inmarsat, valuing the company at a total of $3.4bn.

Markets responded positively to the news, with Inmarsat’s shares jumping by 8.7 per cent to 550p on Monday.

Inmarsat currently owns and operates 13 satellites orbiting the earth, which deliver the company’s maritime and aviation, L-band broadband and European inflight WIFI network services.

Last year, Inmarsat knocked back a takeover bid from its US based competitor, EchoStar. The company also turned down interest from European based Eutelsat in 2018.

Inmarsat currently employs around 2,000 people around the world, with around 800 employees being based at its headquarters in Old Street, London. The company’s new owners have confirmed that the Old Street headquarters will remain as the company’s primary offices in the UK.  

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