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Intelsat Shareholders Approve Proposed Acquisition by Zeus Holdings

By | October 21, 2004

      Pembroke, Bermuda-based Intelsat announced that its shareholders approved the purchase of the company by Zeus Holdings Ltd. during the company’s annual general meeting held in Paris this week. Zeus Holdings is a Bermuda company formed by investors advised by Apax Partners Worldwide, LLP and Apax Partners Inc., Apollo Management V L.P., MDP Global Investors Limited and Permira Advisers LLC.

      Intelsat and one of its subsidiaries entered into a transaction agreement with Zeus Holdings and two of its subsidiaries in August for the transaction. Under the deal, Zeus Holdings will acquire 100 percent of Intelsat for a total cash consideration of roughly $3 billion, or $18.75 per ordinary share, plus the assumption of nearly $2 billion in existing debt.

      Intelsat, Ltd. CEO Conny Kullman said, “The transaction with Zeus represents a strong proposition and attractive valuation for our shareholders who, upon closing, will receive cash in exchange for their shares. This is a major milestone and we are pleased with our progress on the transaction to date.

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