Inmarsat says new satellites will cost $1.2B

By The Associated Press

British satellite-telecommunications provider Inmarsat said on Wednesday that it will spend $1.2 billion for three Boeing Co. communications satellites and associated ground costs.

Boeing disclosed the satellite deal earlier this month, but without a price tag.

Inmarsat said it would spend the money over about four-and-a-half years. The satellites will provide mobile broadband. The satellites are expected to begin operating in 2014.