PRINT THIS PAGE KKR to sell PanAmSat stake to Carlyle and Providence30/06/2004. Source: AltAssets. 
 Kohlberg Kravis Roberts (KKR) has sealed a deal to sell a 54 per cent stake in PanAmSat to rival buy-outs groups Carlyle and Providence Equity Partners. KKR agreed to acquire the US satellite operator for $3.55bn in April this year. The sale to Carlyle and Providence will take place shortly after the original acquisition is completed.
KKR will retain only a 44 per cent stake in PanAmSat, with Carlyle and Providence each holding 27 per cent of the company, according to the Financial Times. Management will hold the remaining two per cent.
Private equity groups have become increasingly interested in satellite companies over the last 12 months. Late last year, Permira and Apax Partners agreed to buy Inmarsat of the UK for $1.54bn. This year, Blackstone agreed to buy New Skies Satellites, the Dutch Satellite operator, for just under $1bn. A further satellite company, Intelsat, was put up for sale last month. The Bermuda-based company could be worth as much as $5bn.
Copyright © 2004 AltAssets
|
