Ship Equip International AS and Inmarsat PLC today announced an agreement for Inmarsat to acquire Ship Equip for 900 million Norwegian kroner, or about $162.9 million.
Inmarsat is a leading provider of global mobile satellite communications services. Ship Equip, based in Ålesund, Norway, is a leading provider of VSAT maritime communications services to the shipping, offshore oil and gas and fishing markets.
Ship Equip will operate as a separate subsidiary alongside Inmarsat's Stratos and Segovia businesses. Closing of the transaction is subject to regulatory approvals that are expected to be completed in a matter of weeks.
Inmarsat expects to finance the transaction from current available liquidity.