LONDON (dpa-AFX) - The U.K. government is set to approve the takeover of British satellite company Inmarsat Plc (ISAT.L) after the officials found the deal would not result in any competition or national security concerns.
Inmarsat's $3.4 billion acquisition by a consortium of private equity investors and pension funds was announced in March. In July, the U.K. government moved to intervene in the transaction to check its national security impact.
Nicky Morgan, Secretary of State for Digital, Culture, Media and Sport, announced Wednesday that she is proposing to accept statutory undertakings set out by the parties involved in the proposed acquisition of Inmarsat by consortium Connect Bidco Limited.
Morgan said she considers undertakings offered by Inmarsat and Connect Bidco to mitigate national-security risks are appropriate. Further, the U.K.'s Competition and Markets Authority found no competition issues arising from the deal.
The consortium was formed by Apax Partners and Warburg Pincus LLC, along with the Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board.
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