Kirkland & Ellis is advising Inmarsat and its controlling consortium, consisting of Apax, CPP Investments, Ontario Teachers’ Pension Plan and Warburg Pincus, as they enter into a definitive agreement under which Viasat, Inc. (NASDAQ: VSAT) will acquire Inmarsat in a transaction valued at $7.3 billion, comprised of $850.0 million in cash and $3.1 billion in Viasat common stock, and the assumption of $3.4 billion of net debt. On closing, the selling shareholders are expected to hold approximately 37.5% of the combined group. The combination will create a leading global communications innovator with enhanced scale and scope to affordably, securely and reliably connect the world.
Kirkland previously advised the consortium on the take private of Inmarsat in 2019 and advised on all corporate aspects of the transaction, including the re-investment by the selling shareholders in the combined group.
The Kirkland team was led by corporate partners Stuart Boyd, Rory Mullarkey, Jacob Traff, Carlo Zenkner and Edward Lee and associates Ben Hai, Jack Evans, Moose Sarfraz, Anthony Antioch and Frank Liu; debt finance partners Neel Sachdev, Leon Daoud, Eric Wedel, Ben Steadman; tax partners Alan Walker, Sara Zablotney, Adam Kool; and capital markets partners Michael Rigdon and Joshua Korff.