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New Skies reportedly up for sale
Posted: Fri, Apr 30, 2004, 7:29 PM ET (2329 GMT)
Satellite communications company New Skies Satellites is considering a number of strategic options including a potential sale of the company, Reuters reported this week. Reuters claimed that the Netherlands-based company is working with Goldman Sachs to identify potential buyers, including private equity firms that lost out in the bidding for rival PanAmSat earlier this month. If the company was sold many financial analysts believe the company could fetch a significant premium to its current market capitalization of $830 million, based on the $3.55 billion price KKR paid for PanAmSat this month. In a statement, New Skies it had engaged Goldman Sachs to explore possible roles for the company during the PanAmSat bidding process, and continues to work with the financial firm to explore "various alternatives", although it said there was no guarantee that this would lead to a "extraordinary transaction." The company declined to offer further comment.
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