Inflight entertainment and connectivity giant Panasonic Avionics is pulling out of the maritime, energy and enterprise satellite communications business. Less than six years after acquiring ITC Global, the Lake Forest, California-based firm today announced it is selling 100% of the unit to Marlink Group, which is backed by private equity firm Apax Partners (France).
The move is part of Panasonic Avionics’ “long-term strategy” to focus on supporting the aviation market rather than diversifying across sector verticals, a Panasonic Avionics spokesman tells Runway Girl Network.
“ITC Global brings an unparalleled expertise in managed, high-value, high-performance satellite network solutions to the fast-growing Marlink Group. The company’s strong reputation in the energy, enterprise and maritime passenger markets will enable the Group to further expand its leadership position in these highly demanding market segments,” says ITC Global in a statement shared by Panasonic Avioni
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