Harbinger sells last shares in Inmarsat

ACTIVIST American hedge fund investor Harbinger Capital is to sell its entire holding in Inmarsat, the British satellite operator.

Controlled by Philip Falcone, the fund holds 64.3m shares, or 14 per cent of the company.

The sale brings to a close several years of Harbinger investment in Inmarsat, a company it once considered as a takeover target.

By 2008, the US fund had built up a 28 per cent investment in the company and said it was considering a purchase.

Yet Harbinger halved its stake in October last year, raising around £410m.

Credit Suisse and UBS have been appointed as joint bookrunners to dispose of the Harbinger shares.