Viasat has announced the completion of its acquisition of Inmarsat, with Inmarsat’s shareholders receiving an aggregate of $551 million in cash as well as approximately 46.36 million shares of common stock. The acquisition is expected to increase the pace and scope of innovation within the global satellite connectivity sector.
“The combination of our companies brings together the people, technology, innovation, network assets, spectrum resources and global partnerships needed to help connect this world more affordably, securely and reliably,” said Mark Dankberg, Chairman and CEO, Viasat. “Together, we believe we are positioned to offer customers a multi-layered network that gives them the right connectivity at the right time, place and price.”
The combined company has reconfirmed its new global international business headquarters will be in London, while corporate headquarters will continue to be in Carlsbad, California. Mark Dankberg will also continue as Chairman and CEO as well as Guru Gowrappan as President.
“Our goal is to be the undisputed leader in satellite communications with a sharp focus on providing the best products and services for our customers,” said Gowrappan. “This combination broadens the global fixed and mobile services available to customers in an industry-defining moment. We intend to move quickly to bring the best from each company together in a way that created much deeper value for our stakeholders and ensures we deliver on our synergy commitments.”
The completion of the acquisition enables the companies to bring together their spectrum, satellite and terrestrial assets, including 19 satellites in space spanning Ka-, L- and S- bands. Viasat expects these assets to deliver connectivity and key safety services across maritime, aviation, government and consumer markets with speed and reliability of connection.
The cash portion of the purchase price, at $551 million, was reduced from $850 million following a $299 million special dividend from Inmarsat to its shareholders in April 2022.
“The combination of Viasat and Inmarsat created a global leader in satellite communications here in the UK,” added George Freeman MP, the UK’s Minister of State at the Department of Science, Innovation and Technology. “It brings significant investment, hundreds of new highly skilled jobs and will serve as a catalyst for substantial economic growth.”
Image: Viasat and Inmarsat logos
