July 25 (Bloomberg) -- Inmarsat Plc, the U.K. satellite company that provides communications services, may get a takeover offer from U.S. satellite company SkyTerra Communications Inc. and Harbinger Capital Partners.

The terms of a deal to purchase Inmarsat, which has a market value of 2.1 billion pounds ($4.2 billion), will be announced after ``a satisfactory outcome to the regulatory approvals process,'' New York-based hedge fund Harbinger and SkyTerra said in a statement today.

A combination of all its satellite holdings would allow Harbinger to offer a whole range of services to tap increasing demand for mobile-phone calls over satellites, mobile Internet, safety, rescue, weather and mapping offerings. ``With its global satellite fleet and complementary plans for next-generation satellites, Inmarsat offers a compelling strategic fit with SkyTerra,'' Harbinger said.

``Demand for all sorts of satellite services is growing and combining all its assets would help Harbinger to fine-tune offerings and find synergies,'' said London-based Dresdner Kleinwort analyst John Davies, who has a ``hold'' rating on the stock. ``But it's still not clear how much Harbinger may offer for Inmarsat, today's announcement just gives some details on how long it may take and how a potential deal could be structured.''

Inmarsat rose 7 pence, or 1.5 percent, to close at 467.5 pence in London trading.

Harbinger's Stakes

Harbinger owns 28 percent of Inmarsat, 48.4 percent of SkyTerra and 30 percent of Reston, Virginia-based TerreStar Corp., which is building a network of satellites and mobile-phone towers.

To arrange financing for a bid for Inmarsat, Harbinger may agree to buy more shares in SkyTerra at $10 each, SkyTerra said in a Business Wire announcement. The price will change if the bid is above or below 535 pence, according to the statement.

The 535-pence price ``does not constitute a term or reference price for the offer,'' SkyTerra said.

Harbinger and Inmarsat said July 21 they had suspended takeover talks. Harbinger said at the time it didn't consider it appropriate to make a firm offer because regulatory approvals would have taken as much as 18 months. Because Harbinger wouldn't make an offer or indicate a potential price, Inmarsat decided further talks weren't warranted.

`Constructive Relationship'

``The board intends to maintain a constructive relationship with Harbinger and SkyTerra throughout the regulatory review process and will consider carefully any future offer that may maximize value for Inmarsat's shareholders as a whole,'' Inmarsat said in a separate Regulatory News Service statement. The board is ``highly confident in Inmarsat's standalone prospects.''

Harbinger, run by Philip Falcone, buys stakes in companies, then seeks changes in those it considers are underperforming or making strategic errors. The fund has sought to replace directors at New York Times Co. and Ryerson Inc.

Inmarsat has benefited from higher sales to the maritime and aviation industries, providing mobile Internet, safety, rescue, weather and mapping services. Inmarsat, which began trading in June 2005 after a 367.5 million-pound initial public offering, increased annual revenue 20 percent from 2004 to 2007, while boosting net income fivefold.

SkyTerra's MSV unit is currently building a satellite- terrestrial communications network to provide wireless coverage of the U.S. and Canada to consumer handsets. MSV and Inmarsat recently signed an agreement to cooperate at their North American L-band frequency operations, Harbinger said today. The L-Band frequency is used by some communication satellites.

Regulatory Approvals

It will probably take 12 to 18 months to obtain all necessary regulatory approvals for the Inmarsat purchase, including approval from the U.S. Federal Communications Commission, Harbinger said today. The potential buyer will therefore seek to obtain the principal required consents, including those which are expected to take the longest to obtain, prior to any offer.

Harbinger said the content of today's announcement has been agreed with the U.K. Panel on Takeovers and Mergers.

The hedge fund said has the right, subject to regulatory approval, to increase its stake in SkyTerra to 60.9 percent.

To contact the reporter on this story: Phil Serafino in Paris at pserafino@bloomberg.net

Last Updated: July 25, 2008 11:51 EDT