Inmarsat board agrees to sell company for $3.4bn

The British satellite communications company Inmarsat has agreed to a $3.4bn (£2.6bn) takeover by a group led by the private equity firms Apax and Warburg Pincus, becoming the latest UK technology business to be sold to investment companies.

A consortium made up of London-based Apax, New York-based Warburg and two Canadian pension funds, the Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan Board, is to buy the FTSE 250 Company for $7.21 a share in cash.

The investor group said it would keep Inmarsat’s headquarters in the UK and maintain the company’s spending on research and development. Inmarsat employs 800 people at its base at Old Street roundabout in London, out of a 2,000-strong global workforce.

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