Canadian satellite communications company Stratos Global Corp. announced it will be acquired by Communications Investment Partners Ltd., an investment company focused on satellite services. Satellite vendor Inmarsat plc announced it is financing the transaction.
The total value of the transaction is $576 million.
“After careful consideration, the Stratos board of directors unanimously concluded that this is the right transaction for Stratos’ shareholders, customers, partners and employees,” said Charles Bissegger, Stratos’ chairman.
“This transaction will allow Stratos to remain as an independent company executing its strategy through April 2009, and will promote stability of our business in the post-April 2009 period when our existing distribution agreements with Inmarsat come up for renewal,” said James Parm, Stratos’ president and CEO.
Inmarsat finances Stratos acquisition
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