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Satellite Bigshot SES Bulks Up - Broadcasting & Cable

Satellite Bigshot SES Bulks Up

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Satellite giant SES GLOBAL is acquiring New Skies Satellites Holdings in a deal worth $760 million, giving it New Skies’ five satellites and an additional satellite scheduled for launch in 2006.

Under the deal, SES Global will acquire New Skies by way of merger for $22.52 per share in cash, canceling existing options for a payment equal to the difference between its $22.52 offer and the exercise price. New Skies will be left with $400 million of debt upon closing, and its stock will be de-listed from the New York Stock Exchange.

SES Global, which serves the North American market with its SES Americom fleet and Europe with its SES Astra division, says the New Skies acquisition will be complementary and improve its coverage of India, the Middle East, Africa and Latin America.

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