Blackstone Group Buys New Skies For $956 Million

By | June 7, 2004 | Uncategorized

New Skies Satellites N.V. [NSK], a global satellite communications company in The Hague, The Netherlands, agreed to be acquired for $956 million in cash by affiliates of The Blackstone Group, a private investment firm. The purchase price is equivalent to approximately $7.96 per fully diluted share. Our sister publication, Satellite News, had been predicting the sale of New Skies to a private investment firm for more than a month.

The Blackstone transaction received unanimous approval from the supervisory and management boards of New Skies. Both boards intend to recommend the sale to the company’s shareholders.

“The decision of Blackstone to acquire New Skies is a reflection of the strength of the business and our prospects, as well as the dedication and expertise of our employees,” said Dan Goldberg, New Skies CEO. “This agreement also provides significant value for our shareholders, representing a 14-percent premium over the price of our stock on April 28, the day before we announced that we were considering our alternatives, and a 27-percent premium to the average share price during the 12 months leading up to that date.

For in-depth coverage of this story, see an upcoming issue of Satellite News. For more information about subscribing to PBI Media’s satellite newsletters, check out our Web site at http://www.satellitetoday.com.

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