Viasat’s Proposed Acquisition of Inmarsat Receives Unconditional Clearance From UK’s Competition and Markets Authority
Viasat Inc., (NASDAQ: VSAT), a global communications company, and Inmarsat, a leading provider of global mobile satellite communications services, are pleased that the UK’s Competition & Markets Authority (CMA) has today announced the conclusion of its Phase II review, which confirmed its provisional findings that the transaction does not raise competition concerns, and allows Viasat’s proposed acquisition of Inmarsat to proceed without remedies.
This decision is an important milestone towards completion of the deal. The proposed transaction has now received clearance from the UK government under the National Security and Investment Act and the CMA, as well as the Australian government’s Foreign Investment Review Board (FIRB) and the Committee on Foreign Investment in the United States.
“We’re delighted with the CMA’s decision to unconditionally clear the deal to acquire Inmarsat, as it represents a critical step in securing final approvals to complete this transaction,” said Mark Dankberg, Chairman and CEO, Viasat. “The decision validates our position that the combination of our two companies will strengthen competition in a dynamic market that continues to attract substantial levels of investment and enables us to offer better services to our customers. Additionally, this deal will also create new high-skill technology jobs, deepen Viasat’s capabilities in the UK, and ultimately help to deliver the goals of the UK’s National Space Strategy. I appreciate the extensive review by the CMA to review this transaction and thank them for their efforts.”
Rajeev Suri, Chief Executive Officer at Inmarsat, said: “Today’s decision by the CMA to clear the Viasat-Inmarsat deal is hugely significant for the UK’s space ambitions and customers everywhere. We would like to thank the CMA Independent Panel and Case Team for their diligent work on the review and for recognising that in today’s fast changing satellite communications sector the needs of customers will continue to be well served.”
The companies will continue to work through other regulatory approvals and update on transaction close timing as those processes continue.