Stratos, CIP Extend Acquisition Deadline
[12-3-07 – Satellite Today] Stratos Global Corp. has extended the deadline for CIP Canada Investment Inc. to complete its acquisition of Stratos in order to gain approval from the U.S. Federal Communications Commission, Stratos announced Nov. 30.
The deal, which was announced in June, now is expected to be completed in December.
The transaction, including the assumption of net debt, is valued at 576 million Canadian dollars ($577 million), with CIP Canada offering. Inmarsat will lend CIP Canada, an investment firm focused on satellite companies, 250 million Canadian dollars ($250.4 million) with Inmarsat to hold an option to buy Stratos in 2009.