The U.K. is set to approve the private equity buyout of Inmarsat Plc, after officials said Wednesday the US$3.4 billion transaction does not appear to present competition or national security concerns.
Commitments made by the buyers, which included a pledge to keep the company in the U.K. for several years, were enough to avoid a deeper investigation into the deal, the Department for Digital, Culture, Media and Sport said Wednesday.
Separately, the Competition and Markets Authority said in a statement the deal need not “be expected to result in a substantial lessening of competition within a market or markets in the U.K. for goods or services.”
A final consultation is due to conclude on Oct. 24.
The group, which includes Apax Partners, Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan, is seeking to buy Inmarsat via a joint-venture company owned in equal shares, Connect Bidco Ltd. Apax was part of a consortium of investors that bought Inmarsat in 2003 and took it public two years later.