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Ares and Tikehau finance $270m unitranche deal

Ares Management provided two-thirds of the unitranche financing of private equity group Apax Partners’ acquisition of Norwegian-headquartered satellite communication business Marlink.

French asset manager Tikehau Investment Management (Tikehau IM) and Ares Management have jointly arranged a $270 million unitranche financing for Apax Partners’ acquisition of maritime and land commercial satellite communication company Marlink.

Confirmed yesterday, 8 June, Tikehau will provide $50 million of the financing and Ares the other $220 million.

Marlink operates across Europe, Asia, the Middle-East and the Americas, serving companies in the mining, energy and humanitarian sectors that require satellite connections.

According to a statement issued by Tikehau IM, the goal of the acquisition is to extend Marlink’s Broadband Satcom Solutions service to its clients globally.

Bertrand Pivin, partner at Apax, said that “the financing packaging has been one of the key drivers of success in the dynamic of the transaction”.

Cécile Mayer-Levi, head of investor relations at Tikehau, said: “This transaction has enabled Tikehau IM to demonstrate the merits of our tailor made unitranched solution for a unique transaction.”

Both Ares and Tikehau IM decline to comment further on the deal.

Tikehau’s capital for the deal comes from its private debt fund, TDL 3, which is expected to reach its next close on €500 million at the end of July. The firm manages €7.6 billion across a number of asset classes, including private equity, credit, private debt and real estate.