Panasonic to Acquire ITC Global
Japan’s Panasonic has said it will acquire ITC Global, the Houston, Texas-based provider of satellite communication services for the energy, mining and maritime markets. The acquisition “will enable ITC Global to enhance our core service offerings to all of our customers,” says ITC Global’s founder and chief executive officer Joe Spytek, who will continue in his position as head of the company.
Spytek will report to Paul Margis, president and CEO of Panasonic Avionics and 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,” the companies said in a joint statement.
When the deal is completed, ITC Global will become “ITC Global, A Panasonic Company” and operate as an independent unit of Lake Forest, California-based Panasonic Avionics.
“By combining complementary strengths, ITC Global and Panasonic Avionics will 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,” the companies said.
Osaka, Japan-based Panasonic, through its avionics subsidiary, provides in-flight communications and entertainment systems to the aviation market. Panasonic Avionics’ satellite network already covers 99 percent of all airline flight hours and 98 percent of all maritime traffic routes, and the company is in the process of adding globe-girdling High Throughput Satellite (HTS) capacity that will wrap around the globe.
Houston-headquartered ITC Global maintains facilities in Sion, Switzerland and Perth, Australia, and currently serves customers at more than 1,200 remote sites across 70 countries and all the world’s oceans. Boston-based private equity firm, Riverside Partners, has owned ITC Global since 2011.
Financial details of the acquisition were not disclosed.