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Inmarsat buys Segovia of US for $110m

Inmarsat, the satellite-based phone network operator, has agreed to pay an initial $110m (£66m) for Segovia in order to provide more services to the US government.

Segovia, based in Virginia, provides mixed satellite and terrestrial networks to the US Army. The deal will enable the two groups to cross-sell products to other US government departments such as the Navy, Air Force and Coastguard. The US government is Inmarsat’s largest customer.

Inmarsat may make additional payments depending on Segovia’s performance over the next three years and will fund the deal from existing cash.

For the year to December 31 2008, Segovia achieved revenue of $67m and net profit of $18m.

Andrew Sukawaty, Inmarsat’s chairman and chief executive, said: “Segovia is ideally positioned to support the US Department of Defence’s requirements to deploy secure networks rapidly using combinations of satellite and terrestrial facilities where they are required.”

Earlier this month Inmarsat said third-quarter pre-tax profit rose 34 per cent to $50.2m, compared with the same period last year, following strong demand for data from ships at sea and airlines wanting to offer in-flight mobile phone services.

The Segovia business will sit within Stratos, Inmarsat’s direct distribution business.

Inmarsat will operate Segovia as a separate business owing to US government restrictions on classified information.

Inmarsat was advised by RBC Capital Markets Corporation, while Segovia was advised by Lazard.

Shares in Inmarsat closed up 10½p at 652p

Источник: Financial Times

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