Wednesday, 1 October 2014
Last updated 1 hour ago
Jul 25 2008 | 7:16am ET
Alabama-based hedge fund Harbinger Capital Partners has global ambitions for satellite communications company SkyTerra.
Harbinger, which along with an affiliate owns 48% of SkyTerra, announced plans to buy British satellite company Inmarsat and combine it with SkyTerra. The hedge fund, which owns 28% of Inmarsat, said it will take between 12 and 18 months to get the necessary regulatory approvals.
Terms of the potential offer were not disclosed.
SkyTerra said that Harbinger would provide $500 million in debt financing to fund its business plan through 2010, and might buy as much as $2.4 billion in new shares to help finance the Inmarsat acquisition, which is currently valued at about US$4.4 billion.
“The combination of SkyTerra and Inmarsat, assuming financial terms can be reached, makes a great deal of strategic and operational sense,” Alexander Good, CEO of SkyTerra, said.
Inmarsat was somewhat more reserved in its response, saying that, though confident of its ability to remain independent, it would consider any offer.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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