SES Raises $1 Billion to Buy All of O3b Networks
[Via Satellite 05-27-2015] SES raised $1.01 billion in a recently completed capital raising to fund the acquisition of the remaining shares in O3b Networks. After investing $20 million on April 29 to go from 49.1 percent to 50.5 percent ownership, the company now plans to use the proceeds raised to fund the total consideration of $730 million to increase its ownership of O3b to 100 percent. The transaction is subject to regulatory approvals, which are expected to finish during the second half of this year. SES will also use around $300 million to repay O3b’s most expensive debt facilities, leading to a reduction in annual financing costs after initially covering any repayment charges.