PRINT THIS PAGE European/US private equity consortium buys Intelsat in deal valued at $5bn17/08/2004. Source: AltAssets. 
 An unusual alliance of US and European private equity firms has won the auction to buy Bermuda-based satellite business Intelsat. Europeans Apax and Permira and US firms Apollo Management and Madison Dearborn will pay $3bn for the business and assume $2bn of debt, valuing the transaction at $5bn.
A host of other big name private equity firms had previously expressed serious interest in the business, including KKR, Blackstone, TH Lee and Bain Capital.
While US private equity firms have been a major presence in Europe over the last few years, European firms have been almost invisible in the North American market. This deal, however, is unlikely to prove a beachhead for Permira, Apax and other European heavyweights. It does, however, enable them to leverage their existing investment experience in the satellites sector.
The Intelsat sale is the third large satellite sale this year. KKR led a consortium that bought PanAmSat and Blackstone bought New Skies Satellite.
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