Intelsat, Ltd today announced that it has withdrawn its planned initial public offering. The decision follows the signing into law on 18 May 2004 of an amendment to the ORBIT Act that changes the date by which Intelsat`s IPO must be conducted from 30 June 2004 to as late as 31 December 2005.
Earlier today, Intelsat filed a Form RW with the Securities and Exchange Commission to withdraw its registration statement.
Intelsat CEO Conny Kullman said: "The current mix of market and regulatory developments makes it clear that withdrawal of the IPO is in the best interest of our company. In light of the extension of the ORBIT Act deadline, and the interest we received regarding a possible investment in or acquisition of our company in connection with our previous process, we now intend to resume the exploration of this possibility. In the meantime, we will continue to engage with the Federal Communications Commission with regard to the regulatory treatment of certain direct-to-home services in North America."
Intelsat also announced today that it has engaged Morgan Stanley and Merrill Lynch to explore the potential of another party`s investment in or acquisition of the company, although there can be no assurance that any transaction would be pursued or consummated. The company does not intend to comment further on this matter.
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Building on 40 years of leadership. 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.
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