M&A Deal Summary

Apax and Permira Acquire Inmarsat

On December 1, 2003, private equity firms Apax and Permira acquired communications company Inmarsat for 1.7B EUR

Acquisition Highlights
  • This is Apax’s 1st and Permira’s 3rd transaction in the Communications sector.
  • This is Apax’s 12th and Permira’s 24th largest (disclosed) transaction.
  • This is Apax’s 8th and Permira’s 14th transaction in the United Kingdom.
Investment Fate
  • Inmarsat went public in 2005.
  • Inmarsat was sold to a consortium of financial buyers in 2019 for 3.4B USD.
  • Inmarsat was sold to a publicly-traded strategic buyer in 2021 for 7.3B USD.

M&A Deal Summary

Date 2003-12-01
Target Inmarsat
Sector Communications
Buyer(s) Apax
Permira
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 1.7B EUR

Target

Inmarsat

London, United Kingdom
Inmarsat is a global mobile satellite communications provider that owns and operates a diverse global portfolio of mobile telecommunications satellite networks, and holds a multi-layered, global spectrum portfolio, covering L-band, Ka-band, and S-band, enabling unparalleled breadth and diversity in the solutions it provides. Inmarsat's long-established global distribution network includes not only the world's leading channel partners but also its own strong direct retail capabilities, enabling end-to-end customer service assurance. The company has an unrivalled track record of operating reliable global mobile satellite telecommunications networks, sustaining business and mission critical safety and operational applications for more than 40 years. It is also a major driving force behind technological innovation in mobile satellite communications, sustaining its leadership through a substantial investment and a powerful network of technology and manufacturing partners. Inmarsat was formed in 1979 and is based in London.

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Buyer(S) 2

Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 44 of 266
Sector: Communications M&A 1 of 15
Type: Buyout (LBO, MBO, MBI) M&A Deals 17 of 62
Country: United Kingdom M&A 8 of 36
Year: 2003 M&A 11 of 12
Size (of disclosed) 12 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-11 IFCO Systems N.V.

Amsterdam, Netherlands

IFCO's reusable plastic containers offer large retailers the opportunity to save money and reduce emissions at the same time.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-23 Cartesis SA

Paris, France

Cartesis is a global software vendor that provides trusted solutions for driving your company's financial and business performance. Cartesis equips its customers with the control and insight they need to assess and react in today's rapidly changing marketplace. One in five Fortune Global 100 companies rely on Cartesis' powerful technology to unify complex information, people and processes in a single data model that can be applied easily and consistently across multiple geographies and business segments. Cartesis' customers success depends on having meaningful insight to act upon, because great performances start with confidence.

Buy -
Buyer

Permira

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 80.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 38 of 171
Sector: Communications M&A 3 of 7
Type: Buyout (LBO, MBO, MBI) M&A Deals 30 of 55
Country: United Kingdom M&A 14 of 34
Year: 2003 M&A 4 of 4
Size (of disclosed) 24 of 64
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-10 Sirona Dental Systems

Long Island City, New York, United States

Sirona Dental Systems, Inc. is a manufacturer of dental equipment, including treatment units, instruments, dental imaging systems, and dental CAD/CAM systems, including the company's CEREC 3 chair side system for same-day dental restorations.

Sell $480M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-08 The Demedis/EDH Group

Germany

The Demedis/EDH Group comprises of,Demedis GmbH, a full-service distributor of dental consumables and equipment in Germany,Euro Dental Holding GmbH,KRUGG S.p.A., Italy's distributor of dental consumable products, which will provide Henry Schein entree into Europe's dental market, and further its pan-European strategy; and,DentalMV GmbH,one of Europe's direct marketing distributors of dental consumable products.

Sell €255M