A group of four investment funds has tentatively acquired Intelsat Ltd. for $3 billion cash, or $18.75 a share, and about $2 billion in existing debt, continuing a trend that has seen two other satellite operators picked up by private equity funds this year. The deal by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira roughly matches the $4.3 billion Kohlberg Kravis Roberts & Co. paid for PanAmSat in April (AW&ST Apr. 26, p. 17). And in June New Skies Satellites N.V., a smaller Intelsat spinoff based in The Hague, sold for almost $1 billion to the Blackstone Group.
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