VSAT - Viasat closes acquisition of Inmarsat

2023-05-31 09:54:10 ET

Viasat ( NASDAQ: VSAT ) has completed its acquisition of Inmarsat, wrapping up a year-and-a-half long pursuit that came amid heavy regulatory scrutiny overseas.

Viasat Chairman/CEO Mark Dankberg will maintain those roles for the combined company, while Inmarsat CEO Rajeev Suri and Chairman Andy Sukawaty will join the board.

"We are thrilled to welcome Inmarsat's employees, customers, shareholders and partners into the Viasat ecosystem," Dankberg said. "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."

In addition, Viasat's Guru Gowrappan will serve as president.

Viasat's corporate headquarters will remain in Carlsbad, Calif., while its new global international headquarters will be in Inmarsat's London home.

At closing, Inmarsat shareholders received $551M in cash (down from a previous $850M, after Inmarsat paid a special dividend of $299M) and about 46.36M shares of common stock.

Shares issued to Inmarsat shareholders at closing make up an aggregate of about 37.6% of total Viasat common shares on a fully diluted basis, and no Inmarsat shareholder received shares representing 10% or more.

The companies had received unconditional European approval for the deal last week .

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