Inmarsat to Acquire Segovia

Inmarsat, the satellite-based phone network operator, has agreed to pay an initial $110m for Segovia in order to provide more services to the US. government.Segovia, based in Virginia, provides mixed satellite and terrestrial networks to the US Army. The deal will enable the two groups to cross-sell products to other US government departments such as the Navy, Air Force and Coastguard. The US government is Inmarsat's largest customer.Inmarsat may make additional payments depending on Segovia's performance over the next three years and will fund the deal from existing cash.