Private Equity Firm Gains Control of Intelsat
BC Partners (BCEC Funds), along with other investors is acquiring about 76 percent of Intelsat Holdings Ltd., the parent company of Intelsat Ltd., a major provider of fixed satellite services. Intelsat’s current shareholders, which include Apax Partners, Apollo Management, Madison Dearborn Partners, Permira and management are expected to receive more than $4 billion in the transaction and will continue to own approximately 24 percent of Intelsat Holdings Inc.
Dave McGlade, Intelsat CEO, said that the acquisition represented additional opportunities for the company.
“This transaction highlights the significant value that Intelsat has created for its shareholders and the tremendous opportunities the business and employees will enjoy going forward,” he said. “The company has thrived under private equity ownership, including the 2006 completion of the transformative PanAmSat combination that firmly established Intelsat’s global leadership position. As a result, we have a keen appreciation for the financial and strategic support that a firm such as BC Partners can provide. We are confident that they will continue to endorse Intelsat’s objectives for revenue growth and operating improvements.”
McGlade is expected to remain in his post and the company’s business interests will continue to be focused on service to the global base of Intelsat customers, which include media, networks and government.
BC Partners is an international private equity firm, which operates through teams located in Geneva, Hamburg, London, Milan, New York and Paris. The firm has been in operation for 20 years and has a long record of success in acquiring and developing businesses.
The acquisition is expected to be completed within six to nine months and is subject to regulatory approvals.
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