Panasonic Corporation is to acquire satellite communications provider ITC Global it announced today (16 March 2015). ITC was founded in 2001 and provider services for the energy, mining, and maritime markets.
ITC has regional headquarters in Houston, Texas; Sion, Switzerland; and Perth, Australia, and serves customers at more than 1,300 remote sites across 70 countries and all the world’s oceans.
Panasonic, through its subsidiary Panasonic Avionics Corporation, is a provider of in-flight communications and entertainment systems to the aviation market. By combining complementary strengths, ITC Global and Panasonic Avionics’ aim is to become a new leader in global satellite services poised to support long term customer requirements as demand for bandwidth and efficient, reliable communications solutions continues to grow across the energy, mining, maritime and aviation markets.
Panasonic Avionics’ satellite network already covers 99% of all airline flight hours and 98% of all maritime traffic routes, and the organisation is in the process of adding high throughput satellite capacity that will wrap around the globe.
Upon the closing of the acquisition, ITC Global will become ITC Global, A Panasonic Company and will operate as an independent unit of Panasonic Avionics. ITC Global will continue to execute its current strategic plan under the leadership of Joe Spytek, ITC Global’s founder and CEO, who will report to Paul Margis, president and CEO of Panasonic Avionics.
ITC Global’s management team will remain in place and will continue to focus on its customers in the energy, mining, and maritime markets, while Panasonic Avionics will remain dedicated to its customers in the aviation market.
Boston-based private equity firm, Riverside Partners, has owned ITC Global since 2011. The transaction is expected to close after customary conditions have been met and regulatory approvals have been obtained