Apax Global Alpha Ltd - provides access to investments made by private equity firm Apax Partners LLP - Set to receive around EUR6 million in cash from the USD7.3 billion acquisition of mobile satellite communications firm Inmarsat by Nasdaq-listed Viasat Inc. On Monday, Carlsbad, California-based Viasat said it had agreed to buy London-based Inmarsat, a former FTSE 250 listing, for USD850 million in cash and 46.36 million Viasat shares, worth USD3.1 billion, as well as the assumption of USD3.4 billion in Inmarsat debt. Apax says its resulting shareholding in Viasat is worth EUR18 million. This combined with the cash represents a 16% uplift to Inmarsat's fair value. This will result in a 0.2% increase in Apax Global Alpha's adjusted net asset value.
Current stock price: 224.50 pence, up 0.7% Tuesday
Year-to-date change: up 16%
By Tom Waite; thomaslwaite@alliancenews.com
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Apax Global Alpha (APAX)