Avanti picks up its third satellite

Avanti Communications, the satellite broadband company, has purchased its third satellite in orbit in a deal with the European Space Agency. The satellite will be given to Avanti for free from 1 January 2014, with the company responsible for ongoing operational costs. The deal gives Avanti ownership of the satellite’s orbital slot which is valued at around $100m (£61.3m). Avanti’s share price rose 4.4 per cent yesterday.