Closing expected by end of third quarter following final regulatory
BETHESDA, MD, June 12 /CNW/ - Stratos Global Corporation ("Stratos" or
the "Corporation") today announced shareholder approval of the plan of
arrangement between Stratos and CIP Canada Investment Inc. ("CIP Canada") by
which CIP Canada will acquire all of Stratos' outstanding shares for a cash
price of C$7.00 per share. The total transaction value, including assumption
of net debt, is US$624 million. The transaction remains subject to regulatory
approvals, and is expected to close by the end of the third quarter.
The arrangement resolution was approved by 85.1 percent of the votes cast
at the annual and special meeting of Stratos shareholders held earlier today.
"We are extremely pleased with the shareholders' decision on this
transaction," said Charles Bissegger, Stratos' chairman of the Board of
Directors. "We believe the acquisition of Stratos by CIP Canada is in the best
interest of our shareholders, customers, partners, and employees. We now look
forward to bringing the transaction to closure later this year."
CIP Canada is a wholly owned subsidiary of Communications Investment
Partners Limited (CIP), a professional investment company with a focus on
satellite services. The transaction will be indirectly financed by Inmarsat
Finance III Limited, a wholly owned subsidiary of Inmarsat plc.
Stratos (TSX: SGB), with over a century of service, is the world's
trusted leader for vital communications, offering the most powerful and
extensive portfolio of remote communications products, including mobile and
fixed satellite and microwave services. Stratos' more than 20,000 customers
use its services on seven continents and across the world's oceans. Stratos
serves U.S. and international government, military, first responder, NGO, oil
and gas, industrial, maritime, aeronautical, enterprise, and media users. For
more information visit www.stratosglobal.com.
For further information:
For further information: Investor Contact: Alfred Giammarino, Executive
Vice President & CFO, (301) 968-1926, email@example.com