Milbank Advises Financing Sources in Takeover of Inmarsat plc

British satellite company Inmarsat plc announced today that it reached agreement on the terms of a recommended cash offer from a consortium of private equity firms Apax and Warburg Pincus and institutional investors Canada Pension Plan and Ontario Teachers’ Pension Plan Board. Milbank represented the debt financing sources, who are led by Bank of America, Barclays and UBS in their capacities as global coordinators, lead arrangers and bookrunners, in providing committed bank and bridge financing to support the takeover offer to Inmarsat shareholders in compliance with the City Code on Takeovers and Mergers. The consortium offer comprised cash consideration of US$7.21 per share, valuing the share capital of Inmarsat at approximately $3.4 billion, which together with debt of Inmarsat being repaid values Inmarsat at nearly $6 billion.

Inmarsat is a leading mobile satellite communications company that owns and operates the world’s top global portfolio of satellite networks specifically designed for customer mobility, and it holds a multi-layered, global spectrum portfolio of solutions. The company's segments include Maritime, Government, Enterprise, Aviation and Central Services.

The lead arrangers received advice from Milbank attorneys across a number of practice groups, including the Global Leveraged Finance, Global Capital Markets and Transportation and Space groups. The Milbank team is led by Marcus Dougherty and included New York partners Michael Bellucci, Lauren Hanrahan, Rod Miller, Peter Nesgos and Charles Stern, Los Angeles partner Casey Fleck, Washington DC partner Dara Panahy and London partners Suhrud Mehta and Mark Stamp and special counsel Miko Bradford, Meir Hornung and Alexis Sáinz.