LONDON, April 15 /PRNewswire/ -- Inmarsat plc (LSE: ISAT), the leading provider of global mobile satellite communications services, today confirms that it has completed the acquisition of Stratos Global Corporation ('Stratos'). Inmarsat has also signed new distribution agreements with all of its major partners. Trading under the new agreements begins today.
Following today's closing, Stratos will become a wholly-owned operating division of the Inmarsat group. Stratos operations will continue to be managed by the existing Stratos management team, reporting directly to Inmarsat at a corporate level. Inmarsat has implemented a fair channel management policy by a segregation of its wholesale and Stratos operating divisions. Inmarsat remains committed to a primarily indirect distribution model through its existing channels to market.
Andrew Sukawaty, Inmarsat's Chairman and Chief Executive Officer said, We are pleased to have completed the acquisition of Stratos in line with our plan. The Stratos business has performed strongly in the last two years and we look forward to continuing and developing on this success. Our strategy is to work with all distributors, including our Stratos division, to develop opportunities for increasing market penetration of our global services. Our goal is stability and continuity in our channel for the benefit of all customers.
As previously announced, the acquisition of Stratos was funded in December 2007 and no additional financing was required to complete the transaction. Approvals from key regulators such as the Federal Communications Commission (USA) and the Minister of Industry, Canada were received in connection with the transaction.
Inmarsat plc (LSE: ISAT) is the leading provider of global mobile satellite communications. Since 1979, Inmarsat has been providing reliable voice and high-speed data communications to governments, enterprises and other organizations, with a range of services that can be used on land, at sea or in the air. The company's services are delivered through a global network of more than 500 distribution partners and service providers operating in 180 countries. For the year ended 31st December 2008, Inmarsat plc had total revenue of US$996.7 million (2007: US$576.5 million) with an EBITDA of US$531.2 million (2007: US$388.1 million). For more information, please visit http://www.inmarsat.com.
For further information, please contact: Chris McLaughlin, Inmarsat, Telephone: +44-20-7728-1015, Mobile: +44-779-627-6033, Email: firstname.lastname@example.org