Lamport Bassitt Solicitors - Legal News - Harbinger halves its stake in Inmarsat


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Harbinger halves its stake in Inmarsat US company Harbinger Capital Partners has halved its stake in British satellite business Inmarsat, after speculation that a management buy-out may be secured in the foreseeable future. After deciding against the rumoured takeover, Harbinger has retained 14 per cent of Inmarsat and has announced that 65 million ordinary shares were sold for the price of £410m. Harbinger's chief executive Philip Falcone said: "Although we have determined that we are not going to make an offer for all of the company, I remain a strong believer in Inmarsat's future and am extremely happy to maintain a core position in the company's stock." In August, Inmarsat announced that it had agreed a contract with the Boeing Company for the delivery of three state-of-the-art 702HP Ka-band satellites, with the hope to target a $1.4bn ($680.9m) incremental market opportunity. Andrew Sukawaty, chairman and CEO of Inmarsat described the move as: "New investment for new growth." Posted by Gaby Hamerton Related Articles: 22/9/2011 - Manufacturers targeting strategic acquisitions to drive growth 21/9/2011 - Mergers and acquisitions rule changes take effect 14/9/2011 - Govt wants to make London a 'legal hub' for the world 12/9/2011 - ICB banking reforms: banks set to be given until 2019 to prepare 8/9/2011 - Banking reforms in danger of being 'watered down' More Corporate Law News