Tuesday, 24 May 2016
Last updated 2 hours ago
Feb 8 2011 | 12:17pm 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.