At Press Time: Apollo Nears HNS Purchase
The prospective sale of Germantown, Md.-based Hughes Net-work Systems (HNS) to private-equity firm Apollo Management appears to be moving toward announcement. Satellite News has written about the potential deal but not all the issues involved in shoring up the transaction terms are settled.
The HNS deal has gone more slowly than originally expected due to complications involving the businesses various operations and assets. The ultimate transaction likely will be more complicated than a straightforward purchase of HNS.
“We are hopeful that we can get a deal done soon,” said Jonathan Rubin, vice president of investor relations at the DirecTV Group [DTV].
Apollo is one of a number of private-equity firms that have invested recently in satellite companies. Last August, Apollo joined with three other prominent private equity firms, Apax Partners, Madison Dearborn Partners and Permira, to successfully structure a deal to acquire Intelsat Ltd., a global satellite operator. The four firms, using Zeus Holdings Limited as their investment vehicle, agreed to a transaction valued at $5 billion.