Sale of Inmarsat marks a point of departure from maritime roots.

(From Lloyds List)

Byline: Plans for future centre on the next generation of satellites and growth in land mobile data communications, writes Neville Smith

Wired World

'IT HAS nothing to do with their nationality,' says chief executive Michael Storey, when asked why a lower European bid beat a higher US one to secure control of Inmarsat Ventures.

Any assumptions of a cosy cultural agreement between Inmarsat, its European shareholders, mostly British managers and its new owners, private equity companies Apax and Permira are, it seems, off the mark.

Indeed Storey might go down as the man who prevented George Soros from getting what he wanted, but if so he wears the burden lightly.

He says the decision was made not just on the basis of price but also deliverability.

'This bid is a little lower but we were concerned with price and execution. The six month commitment period from shareholders makes it more likely that it will get done.'

The saga of Inmarsat's $1.5bn sale to …