ITV

Tag: Permira

  • Permira and KKR acquire SBS Broadcasting S.A.

    MUMBAI: SBS Broadcasting S.A. and PKS Media S.?.r.l, a company controlled by funds advised by two private equity firms, Permira and KKR, has declared that PKS Media has finished the previously announced acquisition of all assets and liabilities of SBS. PKS Media will be renamed SBS Broadcasting S.?.r.l.

    PKS Media CEO Markus Tellenbach will retain his post and will also be appointed to the board of directors of the new holding company for the SBS group, along with Harry Evans Sloan, former executive chairman of SBS, and Juergen Von Schwerin, who will continue as chief financial officer.

    The new board will also include Lord Hollick, a KKR executive, as chairman, Götz Mäuser, a Permira partner, as vice chairman, Arnold Bahlmann, a former member of Bertelsmann’s executive board and an advisor to Permira, Katrin Wehr-Seiter of Permira and ohannes Huth and Dominic Murphy of KKR.

    SBS Broadcasting S.A., the former holding company, which is being renamed “TVSL, société anonyme”, is now entering into a liquidation process under which it will distribute the proceeds of the asset sale and certain other amounts to SBS shareholders and holders of SBS stock options. According to the factors described in the Shareholders’ Circular dated 1 September, the expected liquidation distribution is approximately  46 per share.

    Sloan says, “The acquisition of SBS by funds advised by Permira and KKR represents a very attractive transaction for our shareholders. The transaction represents the endorsement by Permira and KKR, two of the world’s leading private equity firms, of SBS, its business model and its growth strategy and will foster SBS’s future success.”

    Tellenbach adds, “I look forward to working with Permira, KKR, the new board and the SBS management team to expand and diversify our presence in Europe and to continue to build upon SBS’s growth story.”

  • Intelsat shareholders approve proposed acquisition by Zeus

    Intelsat shareholders approve proposed acquisition by Zeus

    MUMBAI: Intelsat announced that at an annual general meeting held in Paris today, its shareholders approved the proposed acquisition of the company by Zeus Holdings Limited.

    Over 99 per cent of the votes cast on the matter, representing nearly 85 percent of Intelsat’s total issued and outstanding ordinary shares, voted in favor of the transaction, informed an official release.

    The approval of shareholders representing not less than 60 per cent of the voting power of Intelsat’s total issued and outstanding ordinary shares was required in order to approve the transaction.

    On 16 August, Intelsat and its subsidiary entered into a transaction agreement with Zeus Holdings Limited and two of its subsidiaries pursuant to which Zeus Holdings will acquire 100 per cent of Intelsat for total cash consideration of approximately $3 billion, or $18.75 per ordinary share, plus the assumption of nearly $2 billion in existing debt, added the release.

    Zeus Holdings is a Bermuda company formed by investors advised by Apax Partners Worldwide, LLP and Apax Partners, Inc., Apollo Management V, L.P., MDP Global Investors Limited and Permira Advisers LLC.

    Intelsat CEO Conny Kullman said, “The transaction with Zeus represents a strong proposition and attractive valuation for our shareholders who, upon closing, will receive cash in exchange for their shares. This is a major milestone and we are pleased with our progress on the transaction to date. We look forward to obtaining the required regulatory approvals and meeting the other conditions to closing in an expeditious manner.”

  • Intelsat to be acquired by consortium of private investors

    Intelsat to be acquired by consortium of private investors

    MUMBAI: Intelsat, today, announced the signing of a definitive agreement that provides for the amalgamation under Bermuda law of Intelsat and a subsidiary of Zeus Holdings Limited (Zeus).

    Zeus is a company formed by a consortium of funds advised by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira.

    At closing, Zeus will be acquiring the global satellite communications leader providing services in over 200 countries and territories- Intelsat.

    Intelsat’s current shareholders generally will be entitled to receive $18.75 for each Intelsat share issued and outstanding immediately prior to closing, subject to adjustment in a specified circumstance, says a company release.

    The total value of the transaction, including approximately $2 billion of existing net debt, is approximately $5 billion. The transaction was approved unanimously by the Intelsat’s board of directors.

    “This transaction comes at a time when Intelsat is successfully executing on its strategies for market leadership in the fixed satellite services sector. We believe that the acquisition of Intelsat by this consortium of well-respected private equity investors represents the best opportunity for Intelsat to achieve its strategic goals,” said Intelsat, chief executive officer Conny Kullman.

    “Once completed, this transaction will both satisfy our shareholders’ interest in a strong valuation and allow shareholders to monetise their investments. At the same time, the deal will align Intelsat’s future with a force that can make our vision for continued leadership a reality,” he added.

    Says to the consortium representative, “Our consortium is very pleased to begin a partnership with Intelsat, a global leader in the fixed satellite services sector. Intelsat’s healthy, young and flexible satellite fleet, seasoned management team, strong brand and solid backlog of long-term contracts create a very attractive investment opportunity,”

    “As Intelsat enters its next stage of strategic development, its operational strength, stable, diversified revenue base and global market presence offer the company a variety of exciting organic and strategic growth opportunities, and the consortium will provide the financial and strategic support Intelsat needs to capitalise on these opportunities,” the representative added.

    At closing, all of the existing service commitments between Intelsat and its customers, including those dating from the privatisation in 2001, will remain in force.

    “Intelsat and members of the consortium understand that strong and stable media, communications, corporate and government customers are the lifeblood of Intelsat’s business. Although the satellite industry continues to evolve, our commitment to our customers, including continuing to deliver the ‘gold standard’ in satellite services, remains unchanged,” informed Kullman.

    Required approval of shareholders holding 60 per cent of Intelsat’s outstanding shares will be sought in a general meeting of shareholders expected to be held later this year, adds the release.

    Zeus intends to finance the transaction in part with debt that, after giving effect to the transaction and consistent with the terms of Intelsat’s existing indebtedness, will be at the Intelsat (Bermuda), ltd level.

    The security expected to be granted in connection with this new debt will be in compliance with the terms of Intelsat’s existing indebtedness and is not expected to result in the grant of security to the company’s existing senior notes.

    Merrill Lynch and Morgan Stanley are acting as financial advisors to Intelsat, ltd in connection with the transaction. Credit Suisse First Boston, Goldman, Sachs & co and Lehman Brothers Inc are acting as financial advisors to the consortium in connection with the transaction. The new debt financing will be led by Deutsche Bank Securities Inc., Credit Suisse First Boston and Lehman Brothers Inc, adds the release.