Simpson Thacher Represents New Skies Satellites Holdings Ltd. in its Sale to SES Global S.A.
12.15.05
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Simpson Thacher is representing New Skies Satellites Holdings Ltd. in its sale to SES Global S.A, the world's leading satellite group. Announced on December 14, 2005, SES Global will acquire all of the outstanding shares of New Skies for $22.52 per share in cash, or an approximate equity value of $760 million. SES Global is also refinancing and assuming approximately $400 million of New Skies debt. In connection with the sale, certain funds affiliated with The Blackstone Group have entered into a voting agreement with SES Global agreeing to vote their approximately 55% of New Skies' shares in favor of the acquisition.
New Skies, a Bermudan company with its main operating subsidiary headquartered in The Hague, The Netherlands, is the world's fifth largest satellite operator based on transponder capacity. SES Global wholly owns two market-leading satellite operators, SES ASTRA in Europe, and SES AMERICOM in the United States.
The Simpson Thacher team includes Bill Curbow, Elizabeth Cooper, Ben Langille and Jack Neumark (M&A); Brian Robbins, Greg Grogan and Frances Adkins (Executive Compensation and Employee Benefits); Gary Mandel, Meredith Jones and Hallie Grainer (Tax); and Jay Ptashek (Credit). Valuable assistance was provided by paralegals Corina Cristea, Matt Fay and Anne Throdahl.