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UK regulator signals support for Connect Bidco's $3.4B takeover of Inmarsat

Connect Bidco Ltd.'s proposed $3.4 billion acquisition of Inmarsat PLC is anticipated to secure approval from the U.K. government following an initial finding from the country's Competition and Markets Authority that determined the deal should not result in "a substantial lessening of competition."

In a statement with the publication of the CMA's report, U.K. Secretary of State for Digital, Culture, Media and Sport Nicky Morgan said she proposes to accept statutory undertakings set out by the two companies in relation to the deal. In a draft document published Oct. 9, Connect Bidco and Inmarsat sought to provide assurances that sensitive information will remain protected to ensure the continued supply of key services used by the Ministry of Defence.

The deal came under scrutiny in July when the U.K.'s antitrust watchdog and the CMA raised questions about whether the merger raised public interest concerns or posted a substantial threat to market competition.

The Department for Digital, Culture, Media and Sport set an Oct. 24 deadline for final consultation on the deal.

Connect Bidco is a joint venture formed by a consortium that includes private equity firms Apax Partners LLP, Warburg Pincus International LLC, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board.