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SES Global to buy rival New Skies for US$760 million |
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By Alec Barton
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22 Dec 2005 12:30 GMT+1 |
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Satellite, Global: SES Global, the world's largest operator of satellites, is to buy New Skies Satellites for US$760 million.
Hoping to promote its presence in Latin America and the Indian Ocean (India, the Middle East and Africa), SES Global will have to refinance New Skies’ estimated US$400 million of debt once it has paid out US$22.52 per share, bringing the total acquisition costs to almost US$1.2 million.That the satellite industry has been undergoing rapid consolidation and attracting large investment over the past two years is not in dispute. In fact, despite being under the view of the regulators, Intelsat's proposed US$3.2 billion purchase of PanAmSat will promptly overtake SES Global’s new acquisition as the world's largest. New Skies had already been bought in 2004 by private equity firm Blackstone Group. Although registered in Bermuda, its main operating subsidiary is based in the Netherlands. It has five satellites and annual revenue of about US$233 million. |
Date: 22 October 2008