On 11 December 2007 Stratos Global Corporation announced that CIP Canada Investment INC has acquired beneficial ownership of all of the issued and outstanding common shares through a Plan of Arrangement under the Canada Business Corporations Act for a cash purchase of C$ 7.00 per share. The total transaction value, including the assumption of depth, is US$636 million.
The transaction was indirectly financed by Inmarsat Finance III Limited, a wholly – owned subsidiary of Inmarsat plc. Inmarsat Finance III will have a call option exercisable beginning on or before April 2009, and expiring in December 2010, to acquire 100 percent of CIP Canada.
“We are excited about this investment in Stratos. This transaction demonstrates our ability to play an important role in the satellite services industry” Comments Mr. Hans Lipman, President of CIP.
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