The Committee on Foreign Investment in the U.S. has finalized its review of the proposed takeover offer for satellite communications firm Inmarsat by Bidco, an entity owned by a consortium of private equity firms and two Canada-based pension funds.
A notice released Wednesday says CFIUS found œno unresolved national security issues with regard to the transaction, which was also approved by Team Telecom.
Team Telecom is composed of representatives from the departments of Defense, Homeland Security and Justice responsible for assessing foreign investments in U.S. communications assets.
The consortium running Bidco consists of Apax Partners, Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers™ Pension Plan Board.
Bidco said it anticipates that the Federal Communications Commission will soon complete its evaluation and expects the deal to close by the fourth quarter of 2019.
Inmarsat shareholders approved a potential $3.4B takeover bid for Inmarsat in May two months after receiving the offer from the consortium.
