Inmarsat receives two offers from buyout firms

9 Sep 2003

Two consortiums consisting of US private equity companies Apollo Management LP and Soros Private Equity, and buyout firms Apax Partners and Permira, have submitted firm offers of between USD1 billion and USD1.3 billion to purchase UK satellite firm Inmarsat. The UK company’s parents – which include BT Group, Deutsche Telekom, France Télécom and Telenor – have decided to put the company up for sale in order to reduce their own debts. Inmarsat, which reported net earnings of USD463.1 million at the end of 2002, has also been trying to float in the public markets but was forced to abandon this process for the third time in June after a lack of interest from investors.

United Kingdom