SES AMERICOM Signs Deal To Acquire Verestar Assets

By | April 5, 2004 | Uncategorized

Princeton, N.J.-based SES Americom, a U.S. satellite operating unit of SES GLOBAL [SESG], received court approval to acquire the assets of Fairfax, Va.-based Verestar for $18.5 million. SES Americom plans to use the Verestar teleport facilities to help spur growth in its government, broadband and broadcast services.

Verestar has been operating under bankruptcy protection since December 2003. Its assets were sold to SES Americom through an auction conducted in New York on March 30, and the U.S. Bankruptcy Court for the Southern District of New York in Manhattan approved the sale of substantially all of Verestar’s business and operations last Friday.

In the near term, SES Americom will seek appropriate government approvals, including an okay from the Federal Communications Commission (FCC) to transfer Verestar’s communications licenses.

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