Viasat sells Navarino equity to monetise its portfolio

Viasat, the owner of Inmarsat Maritime, is selling its equity interest in Greek service provider Navarino as part of its strategy to monetise portfolio assets.

Navarino’s founders Dimitris and Panos Tsikopoulos have teamed up with asset management firm Intermediate Capital Group (ICG) to purchase Viasat’s stake and grow the Greek company.

Over the past 25 years, Navarino has built a strong position in the Mediterranean connectivity, IT and cyber-security sectors, providing satellite communications using various technologies to vessels.

As part of the transaction, Navarino’s founders will reinvest in the business along with ICG as part of a long-term growth strategy.

“While this marks a strategic step in our ongoing initiatives to monetise certain portfolio assets, we look forward to sustaining our strong commercial relationship with the Navarino team in this key market,” said Viasat commercial president Ben Palmer. 

“Our mutual investment has helped to enable Navarino’s growth and to position Inmarsat Maritime as the trusted brand in the Mediterranean maritime connectivity market. We believe that ICG is the right partner for Navarino’s continued expansion.”