SES is establishing a new company as part of a €1.2 billion buyback of shares from GE. SES International Holdings will comprise The AMC-23 satellite and its related business; 100% of Satlynx; 49.5% of Bowenvale (representing a 34.1% interest in AsiaSat); 19.99% of Star One and 5.5% of Orbcomm.
GE will swap its 103,149,900 shares in SES, representing 19.5% in the company, for shares in the new company with SES paying an equivalent of €12 for each exchanged share bringing the total transaction value to €1.238m.
The transaction allows SES to restructure its satellite portfolio following last March’s purchase of SES New Skies. At the same time it had been announced that GE was looking for a structured exit from its existing shareholding. (JC)