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Inmarsat shareholders approve buyout
Posted: Sun, May 19, 2019, 11:05 AM ET (1505 GMT)
Shareholders have approved a private-equity takeover of Inmarsat. More than three quarters of shareholders voted on May 10 in favor of the proposed acquisition by private equity firms Apax and Warburg Pincus and Canadian pension firms CPPIB and OTPP, which valued the company at $3.3 billion. The deal comes after Inmarsat twice rejected offers from U.S. satellite operator EchoStar, saying the offers of up to $4.25 billion undervalued the company. Analysts said that this deal won favor because of a higher per-share price and the all-cash nature of the offer. Inmarsat expects the deal to close in the fourth quarter of 2019.
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