Brexit Britain strikes huge £5bn US space deal to create hundreds of jobs

Elon Musk activates SpaceX Starlink service over Ukraine

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The Government’s Department for Business, Energy and Industrial Strategy (BEIS) has signed a deal with Viasat and Inmarsat, the US and UK satellite communications groups, as part of the proposed combination of the two companies. Viasat, the American company is looking to acquire Britain’s largest satellite group, in a £5billion deal that promises increased spending on research and development, along with hundreds of jobs.

Inmarsat is a major British satellite company that provides communication services to a range of governments, businesses, aid agencies and media outlets.

The Deed provided to the UK Government includes undertakings ranging from three to five years in duration to “expand the number of highly skilled jobs in key areas, including the design and development of satellites, ground stations and other advanced technologies”.

The deal also aims to increase overall R&D spending in the country by 30 percent and create a UK R&D Centre of Excellence.

Viasat will also continue with its previously announced plan to invest £300million in the UK over a 10-15 year period, with a minimum of £75million within five years after the closing of the transaction.

Rick Baldridge, president and CEO of Viasat said: “We are fully committed to ensuring that our combination with Inmarsat supports the UK’s National Space Strategy with additional investment and job creation.

“I am confident that together we can build upon the UK’s space agenda and help propel the country to the forefront of the global space race.

“I want to thank the UK Government for their engagement and look forward to a productive relationship for decades to come.”

Viasat has also promised to maintain its core satellite, network and cybersecurity operational capabilities in the UK and also ensure “continued ownership of Inmarsat’s current satellite fleet by a UK company”.

The company will also “establish the global international business headquarters of the combined company in London.”

The deal also provided Undertakings to “leverage the UK supply chain, particularly for the delivery of national critical infrastructure” and “preserve the use of the Inmarsat brand with a focus on the maritime segment”.

Putin sent horror warning over next Ukraine move: ‘WW3!’  [REVEAL] 
Putin bowel cancer speculation fuelled by ‘Moon face’ fears  [INSIGHT] 
UK to become ‘major exporter’ as FIVE sites set for ‘world-first’ tech  [MAPPED]

Rajeev Suri, Inmarsat CEO, added: “With this agreement, the combination of Inmarsat and Viasat will result in more highly-skilled jobs and R&D investment in the UK than Inmarsat could achieve on a standalone basis.

“This milestone is a great step for the UK and while they certainly have challenged us to put our best foot forward, I am delighted they have accepted our economic Deed of Undertakings.”

According to the statement, Viasat- Inmarsat will create a “UK Board of Directors with approval authority over key strategic decisions for Inmarsat Group entities”.

Source: Read Full Article

Previous post Binky Felstead models stunning gowns after selecting dress for her wedding party
Next post 'Love Is Blind' Star Shake Chatterjee Reveals Whether New Girlfriend Emily Wilson Has Seen the Show