US-based satellite communications group Viasat announced more offers to receive okay from the UK Government for buying UK-based Inmarsat.
The transaction valued at $7.3 billion and announced in November 2021 remains subject to the regulatory processes of the UK. Viasat was aiming to close the deal in the second half of 2022.
WHAT THEY OFFER
# Expand the number of skilled jobs in key areas, including the design and development of satellites, ground stations and other advanced technologies
# Increase R&D spending in the country by 30 percent and create a UK R&D Centre of Excellence
# Maintain core satellite, network and cybersecurity operational capabilities in the UK
# Ensure ownership of Inmarsat’s current satellite fleet by a UK company
# Leverage the UK supply chain, particularly for delivery of national critical infrastructure
# Preserve the use of the Inmarsat brand with a focus on the maritime segment
# Create a UK Board of Directors with approval authority over key strategic decisions for Inmarsat Group entities
# Establish the global international business headquarters of the combined company in London
Viasat said in a news statement on Monday that it will invest £300 million in the UK over a 10-15 year period, with a minimum of £75 million within five years after the closing of the transaction.
“We are committed to ensuring that our combination with Inmarsat supports the UK’s National Space Strategy with additional investment and job creation,” said Rick Baldridge, president and CEO of Viasat in a news statement.
Rajeev Suri, Inmarsat CEO, said: “With this agreement, the combination of Inmarsat and Viasat will result in more highly-skilled jobs and R&D investment in the UK than Inmarsat could achieve on a standalone basis.”