Inmarsat-Led Consortium’s $7.3 Billion Combination With Viasat

In UK Kirkland & Ellis, Latham & Watkins, advised on the matter.

Kirkland & Ellis advised Apax Partners, CPP Investment Board, Inmarsat, Ontario Teachers’ Pension Plan Board, Warburg Pincus with a team including Stuart Boyd (Picture – Corporate M&A), Rory Mullarkey (Corporate M&A), Jacob Traff (Corporate M&A), Leon Daoud (Finance), Neel Sachdev (Finance), Alan Walker (Tax M&A and Deal Advisory).

Latham & Watkins advised Viasat AB with a team including Jonathan Parker (Competition Law), Nicholas Cline (Corporate M&A).

Inmarsat and its controlling consortium entered into a definitive agreement under which Viasat, Inc. (NASDAQ: VSAT) will acquire Inmarsat in a transaction valued at $7.3 billion, comprised of $850.0 million in cash and $3.1 billion in Viasat common stock, and the assumption of $3.4 billion of net debt. On closing, the selling shareholders are expected to hold approximately 37.5% of the combined group. The combination will create a leading global communications innovator with enhanced scale and scope to affordably, securely and reliably connect the world.

Inmarsat is a world leader in global, mobile satellite communications. It owns and operates the world’s most diverse global portfolio of mobile telecommunications satellite networks, and holds a multi-layered, global spectrum portfolio, covering L-band, Ka-band and S-band, enabling unparalleled breadth and diversity in the solutions it provides. 

Viasat is a global communications company that believes everyone and everything in the world can be connected. For more than 35 years, Viasat has helped shape how consumers, businesses, governments and militaries around the world communicate. 

The Kirkland team was led by corporate partners Stuart Boyd (Picture), Rory Mullarkey, Jacob Traff, Carlo Zenkner and Edward Lee and associates Ben Hai, Jack Evans, Moose Sarfraz, Anthony Antioch and Frank Liu; debt finance partners Neel Sachdev, Leon Daoud, Eric Wedel, Ben Steadman; tax partners Alan Walker, Sara Zablotney, Adam Kool; and capital markets partners Michael Rigdon and Joshua Korff. 

Latham’s cross-practice team was led by London corporate partner Nick Cline, San Diego corporate partners Craig Garner and Ann Buckingham, and associate Hector Sants. Advice was also provided on antitrust and competition matters by London partner Jonathan Parker, Washington, D.C. partners Jason Cruise and Matthew Murchison, and associate Stephanie Adams; and on finance matters by Los Angeles partner Jason Bosworth.

Involved fees earner: Anthony Antioch – Kirkland & Ellis; Stuart Boyd – Kirkland & Ellis; Leon Daoud – Kirkland & Ellis; Jack Evans – Kirkland & Ellis; Ben Hai – Kirkland & Ellis; Adam Kool – Kirkland & Ellis; Joshua Korff – Kirkland & Ellis; Edward Lee – Kirkland & Ellis; Frank Liu – Kirkland & Ellis; Rory Mullarkey – Kirkland & Ellis; Michael Rigdon – Kirkland & Ellis; Neel Sachdev – Kirkland & Ellis; Moose Sarfraz – Kirkland & Ellis; Ben Steadman – Kirkland & Ellis; Jacob Traff – Kirkland & Ellis; Alan Walker – Kirkland & Ellis; Eric Wedel – Kirkland & Ellis; Sara Zablotney – Kirkland & Ellis; Carlo Zenkner – Kirkland & Ellis; Stephanie Adams – Latham & Watkins; Jason Bosworth – Latham & Watkins; Ann Buckingham – Latham & Watkins; Nicholas Cline – Latham & Watkins; Jason Cruise – Latham & Watkins; Craig Garner – Latham & Watkins; Matthew Murchison – Latham & Watkins; Jonathan Parker – Latham & Watkins; Hector Sants – Latham & Watkins;

Law Firms: Kirkland & Ellis; Latham & Watkins;

Clients: Apax Partners; CPP Investment Board; Inmarsat; Ontario Teachers’ Pension Plan Board; Viasat AB; Warburg Pincus;

Author: Giulia Di Palma