M&A Deal Summary

ViaSat Acquires Inmarsat

On November 8, 2021, ViaSat acquired communications company Inmarsat from Apax, Warburg Pincus, Ontario Teachers Pension Plan and CPP Investments for 7.3B USD

Acquisition Highlights
  • This is ViaSat’s 5th transaction in the Communications sector.
  • This is ViaSat’s largest (disclosed) transaction.
  • This is ViaSat’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2021-11-08
Target Inmarsat
Sector Communications
Buyer(s) ViaSat
Sellers(s) Apax
Warburg Pincus
Ontario Teachers Pension Plan
CPP Investments
Deal Type Add-on Acquisition
Deal Value 7.3B USD
Advisor(s) Barclays Investment Bank
J.P. Morgan Securities
Trinity Advisers (Financial)
Kirkland & Ellis
Clifford Chance
Steptoe & Johnson (Legal)

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) 1

Buyer

ViaSat

Carlsbad, California, United States
Category Company
Founded 1986
Sector Communications
Employees6,100
Revenue 4.3B USD (2024)
DESCRIPTION
Entrance to ViaSat's corporate headquarters in Carlsbad, California.
Entrance to ViaSat's corporate headquarters in Carlsbad, California.

ViaSat develops satellite communication systems and equipment for the US government and select commercial customers. ViaSat conducts its business through three segments: satellite services, commercial networks and government systems. ViaSat was founded in 1986 and is based in Carlsbad, California.

DEAL STATS #
Overall 11 of 11
Sector (Communications) 5 of 5
Type (Add-on Acquisition) 9 of 9
Country (United Kingdom) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 RigNet

Houston, Texas, United States

RigNet, Inc. is a provider of managed communications, networks and collaborative applications dedicated to the oil and gas industry. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services to remote sites in over 30 countries on six continents, effectively spanning the drilling and production industry. RigNet was founded in 2000 and is based in Houston, Texas.

Buy $222M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-03 Link 16

Carlsbad, California, United States

Link 16's network is integrated into military aircraft, ground vehicles, surface vessels, and operating bases, enabling warfighters across multiple domains to securely share voice and data communications.

Sell $2.0B

Seller(S) 4

SELLER

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 159 of 172
Sector (Communications) 11 of 11
Type (Add-on Acquisition) 54 of 60
Country (United Kingdom) 23 of 24
Year (2021) 13 of 14
Size (of disclosed) 3 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-29 Oncourse Home Solutions

Naperville, Illinois, United States

Oncourse Home Solutions provides various warranty protection programs and other home services to residential customers across the country. The company's customer-facing brands include American Water Resources and Pivotal Home Solutions. It currently has nearly 3 million customer contracts across 43 states and Washington, D.C. Oncourse Home Solutions is based in Naperville, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-03 Unilabs

Geneva, Switzerland

Unilabs is a European supplier of clinical laboratory testing and medical diagnostic imaging services to private and public healthcare providers, local governments, insurance companies, pharmaceutical companies, and the general public. It operates laboratory and medical diagnostic imaging facilities in 15 countries: Czech Republic, Denmark, Finland, France, Italy, KSA, Norway, Peru, Portugal, Slovakia, Spain, Sweden, Switzerland, UAE, and the United Kingdom. Unilabs was founded in 1987 and is based in Geneva, Switzerland.

Sell -
SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 224 of 251
Sector (Communications) 11 of 11
Type (Add-on Acquisition) 76 of 89
Country (United Kingdom) 16 of 17
Year (2021) 18 of 22
Size (of disclosed) 3 of 63
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-01 Yunniao Logistics

Beijing, China

Yunniao Logistics is a broker of short-haul logistics industry in China, which runs a national network. It leverages an IT-enabled order-matching platform between shippers and truckers and a myriad of value-add-services to these two parties. Yunniao differentiates high quality truckers based on a ranking system, and reduces prices by creating competition amongst these truckers. Yunniao Logistics was founded in 2014 and is based in Beijing, China.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-11 ANE Logistics

Shanghai, China

ANE Logistics is a Less Than Truckload (LTL) operator with a franchise model. ANE Logistics was founded in 2010 and is based in Shanghai, China.

Sell -
SELLER

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 61 of 73
Sector (Communications) 2 of 2
Type (Add-on Acquisition) 24 of 30
Country (United Kingdom) 6 of 7
Year (2021) 13 of 15
Size (of disclosed) 3 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-03 National Highways Infra Trust

New Delhi, India

National Highways Infra Trust owns, operates and maintains a portfolio of five toll roads in the Indian states of Gujarat, Rajasthan, Telangana and Karnataka spanning a total length of 390 km and a concession period of 30 years. National Highways Infra Trust is based in New Delhi, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-16 Riverbed

San Francisco, California, United States

Riverbed is a provider of software for mobile computing applications services. Riverbed delivers application performance for the globally connected enterprise. It helps clients in implementing strategic initiatives such as virtualization, consolidation, cloud computing, and disaster recovery. Riverbed was founded in 2002 and is based in San Francisco, California.

Sell -
SELLER

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 11 of 15
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 6 of 7
Country (United Kingdom) 2 of 3
Year (2021) 3 of 3
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-08 McAfee

San Jose, California, United States

McAfee delivers proactive and proven security solutions and services that help secure systems and networks around the world, McAfee protects consumers and businesses of all sizes from the latest malware and emerging online threats. McAfee's solutions are designed to work together, integrating anti-malware, antispyware, and antivirus software with security management features that deliver unsurpassed real-time visibility and analytics, reduce risk, ensure compliance, improve Internet security, and help businesses achieve operational efficiencies. McAfee was formed in 1987 and is based in San Jose, California.

Buy $14.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-18 Berlin Packaging

Chicago, Illinois, United States

Berlin Packaging is a supplier of custom and stock rigid packaging and related solutions to large and small customers nationwide in end markets such as food and beverage, household/personal care, healthcare, and chemicals. Berlin Packaging was founded in 1898 and is based in Chicago, Illinois.

Buy -
Mergr

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Company

Legal