CIP Canada Completes Stratos Acquisition
[12-13-07 – Satellite Today] CIP Canada Investments Inc. has completed its acquisition of Stratos Global Corp., Stratos announced Dec. 11.
The transaction, including the assumption of net debt, is valued at 642 million Canadian dollars ($636 million). 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.
"We are extremely pleased with the completion of the acquisition," said Charles Bissegger, Stratos’ Chairman of the Board of Directors. "We believe the acquisition of Stratos by CIP Canada is in the best interest of our shareholders, customers, partners, and employees."