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Mobile satellite services operator Inmarsat has opened negotiations with an unnamed satellite services provider on acquiring the company in a purchase that would cost less than $150 million and bring $50 million in annual revenue, Inmarsat said.
London-based Inmarsat said the acquisition target generated more than $50 million in revenue in 2008, is currently profitable and “will have no material indebtedness at closing.” The negotiations were disclosed in a Nov. 9 Inmarsat submission to the U.S. Securities and Exchange Commission (SEC).
Inmarsat has long said that, unlike other mobile satellite operators, it has no big investments that it needs to make to deliver on its core services. Its three Inmarsat 4 satellites are in orbit and, earlier this year, were repositioned to maximize global coverage.
The company’s purchase of mobile satellite services distributor Stratos Global of Bethesda, Md., has been completed, and its investment in a handheld satellite telephone service is not a drain on its current cash flow.
Inmarsat on Nov. 9 reported that revenue for the three months ending Sept. 30 was $176.7 million, up 8.7 percent over the previous year. After accounting for differences in how Inmarsat discounts its services to its distributors — the discount policy changed in Inmarsat’s favor in April — the revenue growth was 7 percent for the three months ending Sept. 30. That is a lower rate of growth than earlier in the year, but Inmarsat Chief Financial Officer Rick Medlock said the company is maintaining its full-year forecast that revenue will increase by 6 percent to 8 percent in 2009 compared with 2008.
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