Apax, Warburg Pincus consider exiting Inmarsat – report

A Bloomberg report on 3 November cited people familiar with the matter as saying the two private equity firms are thinking about exiting their investments in Inmarsat and have held preliminary sale talks following contact from prospective bidders.

The shareholders could also think about listing Inmarsat, according to the people cited by the report. The shareholders are still thinking about an exit and a deal is not certain, they added.

In 2019, Apax Partners, Warburg Pincus, Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers' Pension Plan Board (OTTP) teamed up to take Inmarsat private, with an offer valuing it at USD 4.87bn.

Apax invested via its Apax IX fund, which held a final close at a hard-cap of USD 9bn. Warburg Pincus invested via its Warburg Pincus Global Growth Fund, which held a final close on USD 14.8bn. CPPIB made a financial commitment of approximately USD 900m.

A banking syndicate comprising Barclays, Bank of America and UBS Investment Bank provided a debt package comprising a USD 1.75bn term loan B and a revolving credit facility of USD 700m to support the acquisition, according to Unquote Data. The deal was also financed through a bond issue.

Apax, Inmarsat, CPPIB and OTTP declined to comment, while a Warburg Pincus representative did not provide a comment, the report noted.

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• Topics
• Exits
• Technology
• UK / Ireland
• Apax Partners
• Warburg Pincus