AALESUND, Norway — London-based Inmarsat plc announced it will acquire Ship Equip International AS for $163 million.
Inmarsat is a provider of global mobile satellite communications services. Ship Equip, based in Aalesund, Norway, provides VSAT maritime communications services to the shipping, offshore oil and gas and fishing markets.
"We are excited to be joining forces with Inmarsat, and we are convinced the combination will be the perfect platform for reaching the next level in satellite broadband maritime services," said Ivar Nesset, CEO of Ship Equip. "This transaction will enhance Ship Equip's standing as one of the largest providers of satellite broadband maritime communications solutions and provide an exciting long-term service proposition for our customers."
Ship Equip is to be acquired by Inmarsat Solutions and will operate as a separate subsidiary alongside Inmarsat’s Stratos and Segovia businesses. Closing of the transaction is subject to certain regulatory approvals, which is expected to be completed in April. Inmarsat expects to finance the transaction from current available liquidity.
UBS acted as sole financial advisor to Ship Equip.
- Can’t get enough boating news? Subscribe to our blog’s RSS feed, follow us on Twitter or look for “Boating Industry” on Facebook and LinkedIn.
- For more of the latest news, click here.