On The Money - In Brief
- Nile Satellite Company - NileSat announced 1H FY04 results ending June, in which bottom line advanced 14.3% to reach USD4.0 million versus USD3.5 million in 1H FY03. Sales revenue increased a more subdued 2.6% settling at USD26 million versus USD25.3 million achieved in the comparable period last year, while the COGS/Revenue ratio worsened to calculate 49.4%, compared to 46.7%.
- Intelsat is to be sold to four private equity firms for about USD3 billion. Apax Partners, Permira, Apollo Management and Madison Dearborn Partners have reportedly agreed to each purchase a 25% stake in the satellite operator for D18.75 per share. The four have also agreed to refinance USD2 billion in Intelsat debt. “The [four firms’] view is that the market has reached a bottom and that the prices [satellite operators] charge customers have fallen enough due to overcapacity in the industry,” said a source.The purchase follows three aborted attempts by Intelsat to float and and the company's failed bid for its rival Eutelsat two years ago. It is the third satellite operator sale this year, following the April purchase of a combined 54% stake in PanAmSat by Carlyle Group and Providence Equity Partners and the $956m June acquisition of New Skies Satellites by Blackstone.