Acquisition of Intelsat by Serafina Holdings provides exit for Apax Partners Consortium
Bermuda, USA, February 2008 – Intelsat, Ltd., the world’s leading provider of fixed satellite services, today announced the successful closing of the acquisition of all of the primary equity ownership of its parent, Intelsat Holdings, Ltd. (“Intelsat Holdings”) by Serafina Holdings, Limited (“Serafina Holdings”), an entity formed by funds advised by BC Partners Holdings Limited, Silver Lake and certain other equity investors. Under the transaction, the equity of Intelsat Holdings was valued at approximately $5.0 billion.
The acquisition provides an exit for the previous owners, comprising funds advised by or associated with Apax Partners Worldwide LLP, Apax Partners, L.P., Apollo Management V, L.P., Madison Dearborn Partners, LLC and Permira Advisers LLC, which will sell 100 percent of their equity in the company.
The Consortium initially acquired Intelsat in August 2004 in a deal valued at approximately $5 billion. In August 2005, Intelsat acquired rival PanAmSat for $25 per share in cash, or $3.2 billion.
Credit Suisse acted as financial advisor to Intelsat, Ltd. in connection with the transaction. Intelsat’s legal advisors included Wachtell Lipton Rosen & Katz, Milbank, Tweed, Hadley and McCoy LLP, Wiley Rein LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LP, Merrill Lynch & Co. and Perella Weinberg Partners LP acted as M&A advisors, Latham & Watkins LLP as legal advisor and PricewaterhouseCoopers LLP as financial advisor to BC Partners.
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