Inmarsat Ends Harbinger Talks
[Satellite News 07-21-08] Inmarsat has ended discussions with Harbinger Capital Partners in regard to a possible offer for Inmarsat, the satellite operator said July 21.
Harbinger, which is Inmarsat’s largest shareholder with a 28 percent stake, had been linked with a possible takeover of the mobile satellite service (MSS) company. Inmarsat said discussions with Harbinger and its advisers focused principally on the regulatory processes relating to a possible offer.
Inmarsat said Harbinger had neither made an offer nor indicated a potential offer price, and as a result, Inmarsat concluded that there is “no merit in continuing discussions at this time.”
Inmarsat has not closed the door completely saying, it was “open to any future proposals or cooperation with Harbinger, which will continue to be evaluated in this context.”
Harbinger has been active in the MSS space since the beginning of 2008. The firm was among a group of companies that invested $300 million in TerreStar Corp. in February, and in January, Harbinger was among a group that invested $150 million in SkyTerra Communications Inc., the parent company of Mobile Satellite Ventures.