PARIS — The management of mobile satellite services provider Inmarsat and a major shareholder approved a $3.4-billion takeover bid by private-equity investors Apax Partners, Warburg Pincus and two Canadian pension funds, which said they supported Inmarsat’s planned capex program.

The four buyout partners, each to have a 25% stake, formed the Triton Bidco joint venture to manage the transaction, which is exactly the scenario that Inmarsat managers had been favoring for the better part of two years. The buying consortium's pension . . .

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