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BRIEF-Intelsat and Oneweb announce conditional combination agreement
February 28, 2017 / 12:15 PM / 9 months ago

BRIEF-Intelsat and Oneweb announce conditional combination agreement

Feb 28 (Reuters) - Intelsat SA

* Intelsat SA - Intelsat and Oneweb announce conditional combination agreement

* Intelsat SA - debt exchange offers, announced , together with proceeds of Softbank investment are intended to reduce Intelsat’s debt by about $3.6 billion

* Intelsat SA - Softbank Group Corp. to capitalize Intelsat with $1.7 billion investment in new equity to effect Intelsat debt reduction

* Intelsat Sa - Intelsat’s ceo, Stephen Spengler, will be CEO of combined company

* Intelsat SA - Intelsat and Oneweb will merge in a share-for-share transaction

* Intelsat SA - Softbank will acquire a number of common shares of combined company, resulting in an approximate 39.9% voting stake

* Intelsat SA - any common shares purchased by Softbank will be for $5.00 per share in cash.

* Intelsat SA - in business combination, Oneweb shareholders will receive intelsat common shares in exchange for their Oneweb shares

* Intelsat SA - Intelsat shareholders will retain Intelsat common shares they currently hold

* Intelsat SA - Softbank will acquire an additional number of non-voting preferred shares of combined co for cash consideration of about $1.7 billion

* Intelsat SA - combined company will remain domiciled in Luxembourg, and continue to be listed on New York Stock Exchange

* Intelsat SA - combination agreement has been approved by boards of directors of Intelsat and Oneweb

* Intelsat SA - in aggregate, intelsat will issue to Softbank and to Oneweb shareholders common shares and preferred shares equal in aggregate to about 800 million shares

* Intelsat SA - Oneweb’s founder and executive chairman, Greg Wyler, will be executive chairman of combined company’s board of directors

* Intelsat SA - requisite Oneweb and Intelsat shareholders have already committed to vote in favor of merger and related transactions

* Intelsat SA - Guggenheim Securities, Llc and Goldman, Sachs & Co. Acted as financial advisors to Intelsat Source text for Eikon: Further company coverage:

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