Harbinger Dumps Last Inmarsat Shares

Feb 8 2011 | 1:17pm ET

Harbinger Capital Partners has sold off the last of its shares of satellite operator Inmarsat just weeks after winning regulatory approval to move forward with plans to build its own satellite-based wireless network in the U.S.

The New York-based hedge fund still owned 14% of Inmarsat after halving its stake in October. But it dumped the more than 64 million shares today, earning it almost $700 million.

The first half of Harbinger's stake fetched at US$650 million; at the time, Harbinger founder Philip Falcone crowed, "Inmarsat has been a terrific investment for Harbinger."

The hedge fund's ties to the company are not, however, at an end. Inmarsat and LightSquared, Harbinger's nascent 4G network, have a deal to work together on next-generation wireless technology.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of