Satellite operator Inmarsat confirmed on Monday it has no plans to buy smaller rival Avanti Communications.
There had been reports over the weekend speculating the two satellite operators were in talks for a potential takeover, following Avanti’s announcement in July that it was entering a formal sale process of its shares.
Inmarsat said that it had been approached by Avanti but has withdrawn from the process:
Inmarsat confirms that it was contacted by Avanti’s advisers following the announcement by that company of a strategic review and formal sale process on 11 July 2016, and responded to that contact. Inmarsat confirms it has withdrawn from Avanti’s announced process and it is not considering an offer for the shares of Avanti.
Avanti announced that it needs to raise at least $50m of equity as growth slowed down in emerging markets and will explore opportunities including a corporate transaction such as a merger or takeover.