LONDON, UK: The Apax IX Fund, in which AGA is a limited partner, has agreed to an offer from Viasat for the entire ordinary share capital of Inmarsat, a leading provider of global mobile satellite communications services.
The Apax IX Fund alongside consortium members Warburg Pincus LLC, Canada Pension Plan Investment Board, and Ontario Teachers’ Pension Plan Board (Consortium), an offer from Viasat for the entire ordinary share capital of Inmarsat, a leading provider of global mobile satellite communications services.
Upon completion, the Consortium will retain a significant minority stake in the combined company. The transaction is expected to close in H2 2022, subject to customary closing conditions including Viasat’s shareholder approval and regulatory approvals.
AGA’s pro rata share of expected cash proceeds to be received by Apax IX is c.€6m. AGA’s remaining look through position in the combined company is valued at c.€18m2. Together with the cash proceeds, this represents an uplift of c.16% or c.€3m to Inmarsat’s fair value and an uplift of c.0.2% of AGA’s Adjusted NAV (or €0.01 per share) at 30 September 2021.
Note that these figures relate to AGA’s look through position of Apax IX’s overall investments in Inmarsat and are stated before taking into account any closing adjustments, fees, costs, and carried interest, and are translated based on today’s exchange rates where applicable2.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to the investment expertise of Apax Partners through its investments in a diversified portfolio of private equity funds advised by Apax Partners as well as derived investments in debt and equity. In May 2016, AGA made a commitment of c.€306m3 to Apax IX.