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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.

Go deeper

Updated 1 hour ago - Health

COVID cases and deaths keep falling

Expand chart
Data: N.Y. Times; Cartogram: Kavya Beheraj/Axios

America’s coronavirus outbreak is rapidly improving as the Delta wave recedes, and vaccines for kids — which could become available within weeks — will help the situation improve even further.

By the numbers: Nationwide, the U.S. is now averaging about 79,000 new cases per day — a 22% drop over the past two weeks.

Felix Salmon, author of Capital
Updated 1 hour ago - Economy & Business

How the pandemic caused a corporate rebound

Illustration: Sarah Grillo/Axios

WeWork becomes a public company today worth more than $9 billion — a vindication of the expensive turnaround strategy employed after it spectacularly imploded in 2019. Like many companies that find themselves at death's door, that which didn't kill them made them stronger.

Why it matters: Hertz, Alamo Drafthouse, Airbnb, and Toast are among the currently-thriving companies that were shaken to the core in the early days of the pandemic — providing further evidence for the theory that, in the words of former Fast Company editor Bill Taylor, "companies can't be great unless they've almost failed."

Roku tells customers it is unable to strike a deal with YouTube

Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Roku on Thursday told customers via a post on its corporate blog that it has still not been able to strike a distribution agreement with YouTube TV, which has been removed from Roku's channel store for five months.

Why it matters: It's the first time Roku has directly acknowledged the issue to its customers. Roku says YouTube TV parent Google has made anti-competitive demands in distribution negotiations, which still haven't been resolved.