Satellite

Intelsat Bought by Four Firms

8/16/2004 8:45 AM Eastern

Four private-equity firms plan to buy Intelsat Ltd. for about $3 billion, Reuters reported.

Apax Partners, Permira, Apollo Investment Management Ltd. and Madison Dearborn Partners LLC formed a consortium called Zeus Holdings Ltd. to buy the Bermuda-based satellite company for an expected price per share of $18.75. The consortium will also assume Intelsat's $2 billion of debt, Reuters reported.

The expected price of $18.75 per share was well above the proposed flotation price of $12-$14 announced by the company in March before it shelved its initial-public-offering plan in May, Reuters said.

Intelsat told Reuters it expects the deal to close as early as the end of this year.

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