At Press Time: New Skies Sale Gets FCC Nod
The Netherlands-based New Skies Satellites NV [NSK], a global satellite operator, will be sold to affiliates of The Blackstone Group, a private investment firm, after receiving approval from the U.S. Federal Communications Commission (FCC).
New Skies now expects that the transaction will close on Tuesday. Once the closing occurs, the corporate entity that presently holds the company’s assets will go into liquidation, and the company’s business and operations will be continued by the acquiring company, New Skies Satellites BV.
Trading in New Skies’ shares on Euronext Amsterdam and its American Depository Shares on the N.Y. Stock Exchange will be suspended at the close of trading. Holders of New Skies’ ordinary shares in book-entry form and holders of American Depository Shares will be entitled to receive payment of the sale distributions on the closing date.
New Skies expects to make an initial distribution of the sale proceeds to its shareholders in two weeks of the closing. The initial distribution likely would include 95 percent of the sale proceeds.