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Panasonic to acquire ITC Global

Panasonic has reported that it has entered into an agreement to acquire ITC Global, a satcom provider that serves the energy, mining and maritime markets, and which has been owned by Boston-based private equity firm, Riverside Partners, since 2011.

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Under the deal, ITC Global will operate as an independent unit of Panasonic Avionics, a subsidiary of Panasonic that provides inflight communications and entertainment systems to the aviation market. Panasonic Avionics is in the process of adding high throughput satellite capacity that it says will ‘wrap around the globe’.

ITC Global’s management team and strategic plan will remain intact, with founder and CEO Joe Spytek continuing at the helm. He will report in to Paul Margis, president and CEO of Panasonic Avionics.

“Panasonic’s acquisition of ITC Global highlights the natural alignment of customers across the aviation, energy, mining and maritime markets, all of whom require mobile broadband, high reliability, global coverage and responsive customer service,” said Mr Margis.

“ITC Global is a proven leader and we share a common passion for excellent customer service. Together, we look forward to taking satellite communications services to a new level of value and performance.”  

ITC Global will become ‘ITC Global, A Panasonic Company’ when the acquisition is complete. It will continue to operate in the energy, mining and maritime markets, with Panasonic Avionics remaining focused on aviation.

“Panasonic Avionics’ global capabilities and leadership in satellite-based communication will enable ITC Global to enhance our core service offerings to all of our customers,” said Mr Spytek.

“This combination assures ITC Global’s long-term access to next-generation satellite technology resources and strengthens our ability to deliver optimal value and service to meet our customers' current and future mission requirements.”

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