03 January 2013: The US$45 million deal to buy Globe Wireless, the Florida-based leading provider of value-added maritime communications services to the shipping market, has been finalised.
Inmarsat has confirmed that it has completed regulatory and other approvals in relation to its purchase of Globe Wireless.
As a consequence, Inmarsat has now completed its acquisition, which included the business and substantially all of the assets of Globe Wireless.
In the twelve months ended June 30, 2013, it generated revenues of US$91 million and currently has an installed customer base of over 6,000 ships.
The deal will bring an unrivalled suite of products and value-added services to Inmarsat’s existing maritime customers and offers “a highly compelling transaction for Inmarsat,” said Rupert Pearce, CEO of Inmarsat.
The integration of Globe Wireless with Inmarsat’s maritime business unit is expected to deliver improvement in profitability within the first year.
Globe Wireless: www.globewireless.com