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Viasat Inc., (NASDAQ: VSAT), a global communications company, and Inmarsat, a leading provider of global mobile satellite communications services, has announced the receipt of approval of the proposed combination of their businesses by the UK Government under the National Security and Investment Act.
The Secretary of State for Business, Energy and Industrial Strategy (BEIS) has announced t Viasat Inc., (NASDAQ: VSAT), a global communications company, and Inmarsat, a leading provider of global mobile satellite communications services, has announced the receipt of approval of the proposed combination of their businesses by the UK Government under the National Security and Investment Act.
The Secretary of State for Business, Energy and Industrial Strategy (BEIS) has announced that the transaction does not pose a risk to the UK's national security.
In March 2022, the companies committed to economic undertakings with BEIS, which underlined their pledge to strengthen and advance the UK's National Space Strategy. The economic undertakings include an expansion in the number of highly skilled jobs in key areas and a 30% increase in overall research and development spending in the UK.
Mark Dankberg, Executive Chairman and CEO of Viasat, said: "The combination of Viasat and Inmarsat creates a leading global communications innovator with enhanced scale and scope to affordably, securely and reliably connect the world. The UK Government's clearance of Viasat's proposed acquisition of Inmarsat under the National Security and Investment Act is another important step forward on the road to closing the deal, and we would like to thank the UK Government for their close collaboration throughout the process.
"Viasat has been a trusted partner of the UK's defence and national security communities for more than a decade, including in the provision of its market-leading encryption products. The combined company, whose global international business headquarters will be situated in the UK, will build upon the strong UK relationships that Viasat and Inmarsat already enjoy and allow us to deepen our contribution to the UK's National Space Strategy."
Rajeev Suri, Inmarsat CEO, added: "Inmarsat is proud of our decades of close work with the UK government. This approval brings us closer to delivering the new jobs and investment to the UK that have been committed by both Inmarsat and Viasat. Together, we will be well-positioned to compete in a robust market that has both well-funded new entrants and other industry players in the process of consolidating."
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