CC, Freshfields advise on Inmarsat LSE float

Clifford Chance and Freshfields Bruckhaus Deringer are celebrating after scooping the lead roles on the £1bn London Stock Exchange (LSE) flotation of satellite operator Inmarsat.

As first revealed on last Monday (6 June), Clifford Chance, led by partners Matthew Layton and Adrian Cartwright, scored the mandate after advising private equity houses Apax and Permira on their $1.5bn (£830m) acquisition of Inmarsat in 2003. Freshfields advised the company on that transaction.

Inmarsat manages nine satellites in orbit and provides telecommunications services largely to the maritime industry.

Freshfields corporate partner Simon Witty is leading the team advising sponsors JP Morgan Cazenove and Morgan Stanley, and bookrunners JP Morgan Cazenove, Lehman Brothers and Merrill Lynch.

The magic circle firm is currently advising EADS-led consortium iNavSat on its bid to secure preferred bidder status in the EU’s E3.3bn (£2.23bn) Galileo satellite project. That consortium includes Inmarsat.

The float, which promises to be the largest IPO in the UK for more than a year, is set to complete later this month, with the admissions to the LSE expected to take place on 22 June.