Inmarsat Shareholders Approve $3.4 Billion Takeover

Reuters reports that Inmarsat shareholders have approved a $3.4 billion takeover.

Nearly 79 percent of shares voted supported a so-called scheme of arrangement for the takeover by a consortium comprising UK-based Apax Partners, U.S.-based Warburg Pincus and two Canadian pension funds, Inmarsat said.

Inmarsat’s board recommended the $7.21 per share cash offer in March, saying that although it was confident in the long-term prospects of the company, it would take time for the investment needed in its satellite networks to deliver returns.

The takeover is expected to take effect in November.