US hedge fund Harbinger Capital is again looking to buy Inmarsat. A formal offer might emerge today, with Harbinger saying on Friday that it intended – if its offer is acceptable – to combine Inmarsat with SkyTerra Communications (in which it has a 48% stake). Harbinger owns 28% of Inmarsat.
Harbinger’s bid process kicked off in July when the company reportedly put some £2.4bn on the table, but withdrew this offer last week and with talk of regulatory approval being an anxiety. Evidently a SkyTerra board meeting on Thursday last week saw approval given for the move to be made. Inmarsat shares were up 7p (1.5%) on Friday. The SkyTerra discussion ended with Harbinger agreeing to place $500m of debt financing into SkyTerra’s hands, and to jointly pursue Inmarsat.

It is now understood that Harbinger is prepared to start seeking regulatory approval for the “merger”, and thus create a powerful integrated satellite and terrestrial communications network initially over North America.

Inmarsat, in a statement Friday, said it was “highly confident” of its standalone prospects. “However, the Board intends to maintain a constructive relationship with Harbinger and SkyTerra throughout the regulatory review process and will consider carefully any future offer that may maximise value for Inmarsat’s shareholders as a whole.”

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