Satellites

Intelsat acquisition by Zeus complete

MUMBAI: Communications satellite operator Intelsat Ltd has announced its purchase by Zeus Holdings Ltd in a transaction valued at about $5 billion, including about $2 billion of assumed debt. Zeus is a company formed by a consortium of funds advised by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira.

As a result of the closing of the transaction, those organizations and individuals that held shares in Intelsat immediately prior to the closing are entitled to receive $18.75 in exchange for each such share, informs a company release.

Merrill Lynch and Morgan Stanley acted as financial advisors to Intelsat Ltd. in connection with the transaction. Credit Suisse First Boston, Goldman, Sachs & Co. and Lehman Brothers Inc. acted as financial advisors to Zeus in connection with the transaction, the release adds.

Intelsat's global fleet of communications spacecraft suffering satellite malfunctions twice in the last four months had posed a threat to the crucial deal. After it lost one of its IS-804 satellites on 14 January 2005 due to electrical power system anomaly, Intelsat had issued a release saying that the loss of the satellite gives Zeus Holdings the right to not consummate the acquisition. Following this, Zeus advised Intelsat it is evaluating the impact of the satellite failure.

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