Inmarsat PLC said it was in talks to be acquired by a consortium including private equity firms Apax Partners LLP and Warburg Pincus International LLC, confirming recent media speculation.

The consortium includes the Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board.

The London-based mobile satellite communications giant said the consortium on Jan. 31 made a nonbinding proposal to potentially acquire 100% of Inmarsat's shares at US$7.21 apiece, which assumed no further dividends would be payable by the target company.

The consortium has until April 16 to make a firm offer for Inmarsat or walk away. In 2018, Inmarsat rejected a revised $3.2 billion cash and stock takeover offer from U.S. satellite company EchoStar Corp.