Navarino has announced that it has entered into an agreement with private equity firm ICG to provide financing for a deal that will see Inmarsat parent company Viasat sell its stake in the company back to the founders.
Viasat’s shareholding in the business was a legacy of multiple acquisition deals over the last couple of decades, starting with Stratos Global buying a 49% stake in Navarino Telecom and NTS Maritime (collectively, Navarino) in 2005.
Stratos was itself acquired by Inmarsat in 2009, before Viasat concluded a deal to purchase Inmarsat in May 2023.
Navarino’s founders, Dimitris and Panos Tsikopoulos, have agreed a deal with ICG’s European Corporate team for a bespoke financing package to reinvest in the business, which will allow them to proceed with the purchase of the Viasat shareholding.
“We are delighted to join forces with ICG at an important inflection point for Navarino and the broader maritime industry. Our focus remains on enhancing the quality and breadth of the products and services that we deliver to our clients,” said Dimitris and Panos Tsikopoulos in a statement.
“Our partnership with ICG will enable us to accelerate growth by leveraging ICG’s strategic expertise and financial resources. We thank Viasat for the long-term investment in Navarino and look forward to our ongoing commercial relationship and further enhancing the client experience for our trusted partners.”
The brothers will retain control of the company following the transaction, with ICG to collaborate with the organisation in support of its growth plans.
Ben Palmer, President, Viasat Commercial, also commented: “We are grateful to Panos and Dimitris for their close partnership over many years. 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.”
“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. Furthermore, we believe that ICG is the right partner for the company’s continued expansion.”
The transaction is expected to close by the end of March 2026, pending regulatory approvals. Terms of the deal were not disclosed.
