Mar 20, 2019

British satellite company Inmarsat gets private equity buyout

Illustration: Sarah Grillo/Axios

Inmarsat, a British satellite company, said it received a non-binding $3.3 billion takeover offer from a private equity consortium that includes Apax Partners, Warburg Pincus and the Canada Pension Plan Investment Board.

Why it matters: This is yet another big-money example of buyout firms returning to a familiar well, as Apax had helped buy Inmarsat in 2003 before later taking it public. It also comes about a year after Inmarsat turned down a $3.2 billion takeover bid from Echostar.

Price talk: The $7.21 per share bid represents a 24% premium to yesterday's closing stock price, and a 47% premium based on where Inmarsat shares were trading when the bid was (quietly) made on Jan. 31.

The bottom line: "While Inmarsat’s sales of satellite connection services to core maritime and government clients were flat in 2018, it posted strong growth in its aviation group thanks to booming demand for passenger internet connectivity from the world’s airlines, according to its annual report," writes Thomas Seal at Bloomberg.

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Mass shooting in Milwaukee: What we know

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Molson Coors Brewing Company in Milwaukee on Wednesday, including the gunman, Mayor Tom Barrett told reporters at a Wednesday evening press conference with local police.

Details: All of the victims worked at the brewery complex, as did the shooter who died of "an apparent self-inflicted gunshot wound," police confirmed in a statement late Wednesday.

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Coronavirus updates: South Korea case count tops 2,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

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Syria's darkest chapter

Family room without a family, in Idlib. Photo: Muhammed Said/Anadolu Agency via Getty Images

The worst humanitarian crisis of Syria’s brutal civil war is colliding today with what could be the war’s most dangerous geopolitical showdown, after at least 29 Turkish troops were killed in an airstrike.

The big picture: The fighting is taking place in Idlib in northwest Syria, where a ferocious Syrian and Russian offensive has displaced 1 million civilians and infuriated Turkey, which borders the region.

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