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Investment firm acquires Intelsat
Posted: Wed, Jun 20, 2007, 7:50 AM ET (1150 GMT)
UK private equity firm BC Partners will acquire a majority stake in satellite operator Intelsat in a deal that values the company at just over $5 billion. BC Partners will purchase 76 percent of the company from its current owners, another group of private equity companies; those firms, which acquired Intelsat in 2004 for $3 billion, will retain a minority stake in the firm. The deal will add $3.85 billion in the company, bringing its total debt level to over $15 billion. The sale is not expected to result in changes in top management of the company, although Intelsat's plans for fleet expansion are uncertain. BC Partners beat out bids from other private equity firms as well as a joint bid by EchoStar and Liberty Media, controlling shareholder of DirecTV.
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