Serafina Holdings, the entity formed by BC Partners and associates including Silver Lake, has completed the $5 billion purchase of Intelsat. The private equity grouping takes control of Intelsat Holdings.
The satellite operator’s existing management will continue in place and have an equity interest in Serafina, which is expected to be renamed Intelsat Global Ltd.
Dave McGlade, Intelsat’s CEO said he looked forward to working with BC Partners and Silver Lake: “This transaction closes at a time when Intelsat is seeing strong momentum. We have improved the operating profile of our company, based on initiatives such as our fleet management program and the introduction of new services.”
The purchase brings with it a number of debt obligations, entered into by Serafina, and including a two part bridge loan totalling $4.960 billion.
