Luxembourg investor sells Marlink stake to Providence
Luxembourg's Luxempart is set to sell a “substantial part” of its stake in commercial satellite communications firm Marlink to US private equity house Providence Equity Partners, the investment company has said.
The sale will allow the firm to obtain cash proceeds of more than €25 million net of reinvestment, the Leudelange-based company said. Its overall internal rate of return (IRR) on the transaction would be above 12-15%.
Luxempart, an investment firm listed on the Luxembourg Stock Exchange, says it has a net worth of €1.9 billion, managing investments in companies mainly headquartered in Luxembourg, Belgium, France and Germany.
In 2016, Luxempart acquired a minority stake in Marlink of up to 10% alongside Apax Partners France and other co-investors. Marlink focuses on maritime and remote land communication services.
Providence Equity Partners is a US private equity firm with with approximately $45 billion in investments.