Viasat Closes Inmarsat Buyout, Albeit At Reduced Cash Portion Of Acquisition Price

Viasat Inc VSAT completed the previously announced acquisition of mobile satellite communications services provider Inmarsat.
Per the terms, Inmarsat's shareholders received $551 million in cash and around 46.36 million common shares, with no stockholder receiving shares representing 10% or more.
The cash portion of the purchase price was reduced to $551 million from $850 million, post payment of a special dividend of $299 million in April 2022 by Inmarsat.
In relation to acquisition closure, Viasat drew down on its committed financing package of around $1.35 billion, with the lower financed amount partly reflecting the cash reduction component of the purchase price.
The combined company will continue to be led by Mark Dankberg as Chairman and CEO and Guru Gowrappan as President.
"Thanks to all those who worked so tirelessly and thoroughly to complete this transaction. I'd also like to thank the Viasat team and the leadership team at Inmarsat, especially the contributions of Rajeev Suri, Inmarsat CEO, and Andy Sukawaty, Inmarsat Chairman. Rajeev and Andy will be joining the Viasat Board of Directors as representatives of the prior Inmarsat private equity ownership consortium. I look forward to their continued contributions to the company," said Mark Dankberg.
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Price Action: VSAT shares closed higher by 1.10% at $45.80 on Tuesday.