REG - Apax Global Alpha Ld - Inmarsat agrees combination with Viasat
09/11/2021 08:05
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RNS Number : 7272R Apax Global Alpha Limited 09 November 2021
Apax Global Alpha Limited
Inmarsat agrees combination with Viasat
The Apax IX Fund ("Apax IX"), in which AGA is a limited partner, has announced
that it has agreed, alongside consortium members Warburg Pincus LLC, Canada
Pension Plan Investment Board, and Ontario Teachers' Pension Plan Board (the
"Consortium"), an offer from Viasat (NASDAQ: VSAT) for the entire ordinary
share capital of Inmarsat, a leading provider of global mobile satellite
communications services. Upon completion, the Consortium will retain a
significant minority stake in the combined company. The transaction is
expected to close in H2 2022, subject to customary closing conditions
including Viasat's shareholder approval and regulatory approvals.
AGA's pro rata share of expected cash proceeds to be received by Apax IX is
c.€6m. AGA's remaining look through position in the combined company is
valued at c.€18m(2). Together with the cash proceeds, this represents an
uplift of c.16% or c.€3m to Inmarsat's fair value and an uplift of c.0.2% of
AGA's Adjusted NAV (or €0.01 per share) at 30 September 2021.
Note that these figures relate to AGA's look through position of Apax IX's
overall investments in Inmarsat and are stated before taking into account any
closing adjustments, fees, costs, and carried interest, and are translated
based on today's exchange rates where applicable(2).
AGA, whose shares are listed on the London Stock Exchange, provides investors
with access to the investment expertise of Apax Partners through its
investments in a diversified portfolio of private equity funds advised by Apax
Partners as well as derived investments in debt and equity. In May 2016, AGA
made a commitment of c.€306m(3) to Apax IX.
For more information about the transaction, please visit:
https://www.apax.com/news/press-releases/
(https://www.apax.com/news/press-releases/)
END
Contact details
Investor Relations - AGA
Katarina Sallerfors
T: +44 207 872 6526
E: Katarina.sallerfors@apax.com (mailto:Katarina.sallerfors@apax.com)
Footnotes
1 Unaffected Valuation is determined as the fair value in the last quarter
before exit, when valuation is not affected by the exit process (i.e. because
an exit was signed, or an exit was sufficiently close to being signed that the
Apax Funds incorporated the expected exit multiple into the quarter end
valuation)
2. Based on the closing price of $55.65 per Viasat share on 8 November 2021 and
based on Bloomberg closing EUR/USD FX rate on 5 November 2021 of 1.1567
3. Represents AGA's commitment of €154.5m in Apax IX euro tranche and $175.0m
in Apax IX USD tranche translated to euro using latest closing FX rate of
1.1567 on 5 November 2021
Notes
1. Note that references in this announcement to Apax Global Alpha Limited have
been abbreviated to "AGA" or "the Company". References to Apax Partners LLP
have been abbreviated to "Apax Partners" or "the Investment Adviser"
2. Please be advised that this announcement may contain inside information as
stipulated under the Market Abuse Regulations (EU) NO. 596/2014 ("MAR")
3. This announcement is not for release, publication or distribution, directly or
indirectly, in whole or in part, into or within the United States or to "US
persons" (as defined in Regulation S under the United States Securities Act of
1933, as amended (the "Securities Act")) or into or within Australia, Canada,
South Africa or Japan. Recipients of this announcement in jurisdictions
outside the UK should inform themselves about and observe any applicable legal
requirements in their jurisdictions. In particular, the distribution of the
announcement may be restricted by law in certain jurisdictions
4. The information presented herein is not an offer for sale within the United
States of any equity shares or other securities of Apax Global Alpha Limited
("AGA"). AGA has not been and will not be registered under the US Investment
Company Act of 1940, as amended (the "Investment Company Act"). In addition,
AGA's shares (the "Shares") have not been and will not be registered under the
Securities Act or any other applicable law of the United States. Consequently,
the Shares may not be offered or sold or otherwise transferred within the
United States, or to, or for the account or benefit of, US Persons, except
pursuant to an exemption from the registration requirements of the Securities
Act and under circumstances which will not require AGA to register under the
Investment Company Act. No public offering of the Shares is being made in the
United States
5. This announcement may include forward-looking statements. The words "expect",
"anticipate", "intends", "plan", "estimate", "aim", "forecast", "project" and
similar expressions (or their negative) identify certain of these
forward-looking statements. These forward-looking statements are statements
regarding AGA's intentions, beliefs or current expectations concerning, among
other things, AGA's results of operations, financial condition, liquidity,
prospects, growth and strategies. The forward-looking statements in this
presentation are based on numerous assumptions regarding AGA's present and
future business strategies and the environment in which AGA will operate in
the future. Forward-looking statements involve inherent known and unknown
risks, uncertainties and contingencies because they relate to events and
depend on circumstances that may or may not occur in the future and may cause
the actual results, performance or achievements of AGA to be materially
different from those expressed or implied by such forward looking statements.
Many of these risks and uncertainties relate to factors that are beyond AGA's
ability to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants, the actions
of regulators and other factors such as AGA's ability to continue to obtain
financing to meet its liquidity needs, changes in the political, social and
regulatory framework in which AGA operates or in economic or technological
trends or conditions. Past performance should not be taken as an indication or
guarantee of future results, and no representation or warranty, express or
implied, is made regarding future performance. AGA expressly disclaims any
obligation or undertaking to release any updates or revisions to these
forward-looking statements to reflect any change in AGA's expectations with
regard thereto or any change in events, conditions or circumstances on which
any statement is based after the date of this announcement, or to update or to
keep current any other information contained in this announcement.
Accordingly, undue reliance should not be placed on the forward-looking
statements, which speak only as of the date of this announcement.
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment scheme
incorporated as a non-cellular company that listed on the London Stock
Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services
Commission.
AGA's objective is to provide shareholders with capital appreciation from its
investment portfolio and regular dividends. The Company is targeting an
annualised Total Return, across economic cycles, of 12-15% (net of fees and
expenses) including a dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity investments in
Apax Funds, and Derived Investments which are investments in equities and debt
derived from the insights gained via Apax Partners' Private Equity activities.
Further information regarding the Company and its publications are available
on the Company's website at www.apaxglobalalpha.com.
About Apax Partners LLP
Apax Partners LLP ("Apax Partners") is a leading global private equity
advisory firm and over its more than 40-year history, Apax Partners has raised
and advised funds with aggregate commitments of over €40 billion. Funds
advised by Apax Partners invest in companies across four global sectors of
Tech & Telco, Services, Healthcare and Consumer. These funds provide
long‐term equity financing to build and strengthen world‐class companies.
For further information about Apax Partners, please visit www.apax.com. Apax
Partners is authorised and regulated by the Financial Conduct Authority in the
UK.
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