CC, Kirkland Set For $17M in Fees for Inmarsat Satellite Sale
British satellite operator Inmarsat is being taken over by a private equity consortium in a deal worth $3.3 billion.
May 21, 2019 at 07:30 AM
2 minute read
Clifford Chance and Kirkland & Ellis are set to receive a $17 million windfall for their legal advice on the $3.3 billion takeover of British satellite operator Inmarsat.
According to a document filed by Inmarsat last month, it is set to pay out $6.8 million in legal fees.
Meanwhile, the private equity consortium that acquired Inmarsat is predicted to spend $10 million on legal fees, according to the document.
Inmarsat is being advised by Clifford Chance, with its team headed up by corporate partners Lee Coney and David Lewis. Global private equity head Jonny Myers and competition partners Jenine Hulsmann in London and Tim Cornell in Washington, D.C. are providing support.
The consortium Connect Bidco, which is made up of private equity firms Apax Partners, Warburg Pincus and the Canada Pension Plan Investment Board, is being advised by Kirkland & Ellis.
In total, Inmarsat expects to spend $51.8 million in fees and expenses during the takeover process, meaning that the predicted expenditure on legal advice represents 13% of the total.
Bidco, meanwhile, predicted that it will spend a total of $191.4 million on completing the takeover. Kirkland's fees represent 5% of that total.
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