Apax and Permira complete Inmarsat exit

Apax and Permira have sold their remaining shares in UK-based satellite company Inmarsat, less than a year after floating it on the London Stock Exchange. In total 74 million shares were placed by the two private equity firms along with fellow shareholders Lockheed Martin and Telenor. The shares sold at 378 pence per share, higher than both the IPO price of 245 pence, in which Apax and Permira sold half of their stake, and higher than second share sale in January, which saw the firms’ halve their interest again, this time at 348 pence per share. Their combined stake prior to the final sale was 17.5%.

When it floated in June 2005 Inmarsat, which specialises in military and maritime satellite communications, was valued at £1.1bn. Its market cap now stands at around £1.75bn. Apax Europe V and Permira Europe III took a 52% stake in the business in December 2003 for just over £1bn.