Stratos Shareholders Accept Sale To CIP Canada
Shareholders of Stratos Global Corp. have accepted a buyout offer from CIP Canada Investment Inc., the companies announced June 12.
CIP Canada will pay 7 Canadian dollars ($6.59) per share for Stratos, the largest distributor of Inmarsat services, in a deal funded in part by Inmarsat. Inmarsat Finance 3 Ltd., a wholly owned subsidiary of Inmarsat, will provide CIP Canada a loan of up to 275 million Canadian dollars ($259.1 million) to fund the acquisition. Inmarsat Finance 3 will have an option to acquire Stratos in April 2009, which is when some of Inmarsat’s distribution agreements expire.
Pending regulatory approvals, the deal is expected to close by the end of the third quarter.