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Inmarsat Acquires Maritime Communications Firm For USD45 Million

Tue, 17th Dec 2013 10:06

LONDON (Alliance News) - Inmarsat PLC Tuesday said that is has acquired the business and assets of maritime communications services Globe Wireless LLC for USD45 million.

The mobile satellite communications services group said that the acquisition will enable it to significantly expand its installation capabilities, as well as deliver a material improvement in profitability within the first year.

In the twelve months ended June 30, Globe Wireless generated revenues of USD91 million and has an installed customer base of over 6,000 ships, Inmarsat said.

It said that the acquisition will be funded from "available liquidity".

Inmarsat shares were trading flat Tuesday morning at 749.00 pence per share.

By Rowena Harris-Doughty;; @rharrisdoughty

Copyright 2013 Alliance News Limited. All Rights Reserved.

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