Acquisition of Stratos by Inmarsat
Bethesda, Maryland (April 15, 2009) - Stratos Global Corporation, the leading global provider of advanced mobile and fixed-site remote communications solutions, today announced its acquisition by Inmarsat Finance III Limited ("Inmarsat Finance III"), a wholly owned subsidiary of Inmarsat plc.
On December 11, 2007, Stratos announced that CIP Canada Investment, Inc. ("CIP Canada") acquired all the issued and outstanding common shares of Stratos. This transaction was indirectly financed by Inmarsat Finance III, and as part of the arrangement, Inmarsat Finance III held a call option to purchase 100 percent ownership of CIP Canada, and thus Stratos. After regulatory approvals, Inmarsat Finance III has exercised this option.
Stratos is now a wholly-owned operating division of the Inmarsat group. However, Stratos will continue to operate as an independent subsidiary under existing management. Stratos remains committed to its growth strategy, in providing a full range of fixed and mobile satellite services, and in continued enhancements and development of The Stratos Advantage, an award-winning suite of value-added services.
"With this transaction, Stratos remains focused on delivering advanced communications solutions to our customers and partners worldwide," said James Parm, Stratos' President and Chief Executive Officer. "We look forward to being part of the Inmarsat group as we move ahead with our growth strategy centered on being our customers trusted partner for vital communications."
Andrew Sukawaty, Inmarsat's Chairman and Chief Executive Officer said, "The bringing together of Stratos and Inmarsat puts us on a level playing field with our competitors in the satellite industry. We remain committed to selling through our growing network of distributors and service providers worldwide to service our customers. Stratos will play an important role alongside our trusted distributors in bringing new exciting satellite products and services to market in the years ahead."
Stratos is the world's trusted leader for vital communications. Stratos offers the most powerful and extensive portfolio of remote communications solutions including mobile and fixed satellite and microwave services. More than 20,000 customers use Stratos products and industry-leading value-added services to optimize communications performance. Stratos serves U.S. and international government, military, first responder, NGO, oil and gas, industrial, maritime, aeronautical, enterprise, and media users on seven continents and across the world's oceans. Stratos is a wholly-owned subsidiary of Inmarsat plc. For more information, visit www.stratosglobal.com.
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