Intelsat, Ltd, a global satellite communications leader providing services in over 200 countries and territories, today announced the successful closing of the amalgamation under Bermuda law of Intelsat and a subsidiary of Zeus Holdings Limited.
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 organisations and individuals that held shares in Intelsat immediately prior to the closing are entitled to receive $18.75 in exchange for each such share. The total value of the transaction, including approximately $2 billion of existing net debt, was approximately $5 billion.
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.
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As a global communications leader with 40 years of experience, Intelsat helps service providers, broadcasters, corporations and governments deliver information and entertainment anywhere in the world, instantly, securely and reliably. Intelsat`s global reach and expanding solutions portfolio enable customers to enhance their communications networks, venture into new markets, and grow their businesses with confidence. For more information, visit www.intelsat.com.
Apax Partners
Apax Partners is one of the world`s leading private equity investment groups, operating across Europe, Israel and the US. The firm manages or advises over $12 billion on behalf of institutional investors around the world.
With over 30 years of direct investing experience, Apax Partners` Funds provide long-term equity financing to entrepreneurs to build and strengthen world-class companies. It pursues a balanced equity portfolio strategy, investing in companies at all stages of development from early stage to buy-out. Apax Partners` Funds invest in companies across its six chosen global sectors of information technology, telecommunications, healthcare, media, financial services, retail and consumer. Some of Apax Partners` Funds information technology and telecommunications investments include Audible, Dialog Semiconductor, Frontier Silicon, Jamdat, Kabel Deutschland, Sonim Technologies and Yell. For additional information, visit the Web site at www.apax.com.
Apollo
Apollo, founded in 1990, is among the most active and successful private investment firms in the US in terms of both number of investment transactions completed and aggregate dollars invested. Since its inception, Apollo has managed the investment of an aggregate of approximately $13 billion in equity capital in a wide variety of industries, both domestically and internationally.
Madison Dearborn Partners
Madison Dearborn Partners (MDP), based in Chicago, is one of the largest and most experienced private equity firms in the US. MDP has approximately $8 billion of equity capital under management and makes new investments through its most recent fund, Madison Dearborn Capital Partners IV, L.P., a $4 billion fund raised in 2001.
MDP focuses on management buyout and other private equity investments across a broad spectrum of industries, including basic industries, communications, consumer, financial services and healthcare. Over the last decade, MDP has been an active investor in the communications industry, with investments in such companies as Omnipoint Corporation, Nextel Partners, Telemundo Communications Group, Clearnet Communications, and XM Satellite Radio, Inc. For additional information, visit the Web site at www.mdcp.com.
Permira
Permira is a leading global private equity firm, advising funds of $13 billion, including Permira Europe III, a E5.1 billion fund raised in 2003. Permira is an independent business with offices in Frankfurt, London, Madrid, Milan, New York, Paris and Stockholm, focusing on buyout transactions across a number of sectors, including technology and telecoms, consumer, business services, chemicals, industrial products and services, and healthcare.
Since 1985, funds advised by Permira have invested in over 260 transactions and have an investor base comprising principally public and corporate pension funds and other institutions. For additional information, visit the Web site at www.permira.com.
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