Intelsat Named as Successful Bidder for ProtoStar 1 Satellite
Will Join Intelsat Fleet in Atlantic Ocean Region
Pembroke, Bermuda, 30 October 2009
Intelsat, Ltd., the world’s leading provider of fixed satellite services, today announced that it was selected as the successful bidder in the 29 October public auction for the ProtoStar 1 satellite with a $210 million, all cash offer. Upon conclusion of the transaction, the satellite will be re-named Intelsat 25 and will join Intelsat’s global fleet, serving with the company’s other assets in the Atlantic Ocean region.
The satellite, built by Space Systems Loral, has 22 Ku-band and 38 C-band transponders. Upon its launch in July 2008, the satellite was expected to have a 16-year life span.
“Intelsat continues to demonstrate its ability to execute transactions that enhance the value of its global network,” said Phillip Spector, Intelsat Executive Vice President Business Development and General Counsel. “A healthy, in-orbit satellite is extremely valuable to us given our high fleet utilization. The additional inventory will support future revenue growth and provide resilience. Over the past several years we have enjoyed strong demand for our services in Africa, and this capacity will allow us to support the growth requirements of our customers, including wireless operators and broadband service providers. Because of our operating scale and collection of valuable orbital locations, we will be able to integrate and operate Intelsat 25 with minimal incremental cost, and rapidly build a backlog of revenue for the new satellite.”
The transaction is subject to certain regulatory and bankruptcy court approvals. Intelsat expects to close the transaction within the next 30 days.