Viasat completes acquisition of Inmarsat for US$551 million
CARLSBAD, CA – Viasat Inc. a global communications company headquartered in Carlsbad County, California has announced the completion of the acquisition of Inmarsat.
The combined company will increase Viasat’s scale and scope to further drive growth in the satellite communications sector. The company’s assets, once fully integrated, are expected to increase the pace and scope of innovation in the global satellite connectivity sector, delivering new and enhanced capabilities to customers that will address the ever-increasing speed, flexibility, reliability, coverage and security they demand.
“We are delighted to welcome Inmarsat’s employees, customers, shareholders and partners to the Viasat ecosystem,” said Mark Dankberg, President and CEO of Viasat.
Dankberg said the combined companies bring together the people, technology, innovation, network assets, spectrum resources and global partnerships needed to help connect the world in a more accessible, secure and reliable way.
The company will continue to be led by Mark Dankberg as Chairman and CEO and Guru Gowrappan as President. Viasat has also reconfirmed that its new international headquarters will be in London, while corporate headquarters will remain in Carlsbad, California.
The closing of the Inmarsat acquisition allows the companies to bring together spectrum, satellite and terrestrial assets, including 19 satellites in space spanning the Ka-, L- and S-bands. These complementary assets are expected to provide connectivity and key security services in the maritime, aviation, government and consumer markets, prioritizing connection speed and reliability.
Under the terms of the purchase agreement, at the closing of the transaction, Inmarsat shareholders received a total of $551 million in cash, subject to adjustment, and approximately 46.36 million shares of common stock.
The cash portion of the purchase price was reduced from $850 million to $551 million after Inmarsat paid a special dividend of $299 million to its shareholders in April 2022.
The shares issued to Inmarsat shareholders at closing represent an aggregate of approximately 37.6% of Viasat’s total common stock on a fully diluted basis, with no Inmarsat shareholder receiving shares representing 10% or more.
In connection with the closing of the acquisition on May 30, 2023, Viasat utilized approximately $1.35 billion of its committed financing package, including a $617 million secured term loan facility and a $733 million unsecured bridge loan.