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Last Updated: Friday, 26 November, 2004, 11:43 GMT
BT sells Eutelsat satellite stake
Eutelsat baloon flies over Paris
Eutelsat has 24 satellites
BT Group has sold its stake in the satellite operator Eutelsat as part of a growing focus on its core business.

The sale marks BT's exit from the satellite business and ends a 25-year-old tie with the operator which it helped co-found in the late 1970s.

The 15.8% stake in the Paris-based firm was sold for 368m ($675m) to GS Capital Partners 2000.

During the past year, BT has sold its stakes in satellite operators Intelsat, Inmarsat and New Skies Satellites.

Eutelsat has 24 satellites which enable broadcasters to reach viewers in Europe, Asia and the Americas.

The dishes are also used by the defence industry.

Large acquisitions

Other major deals that have taken place this year include the sale of Bermuda-based Intelsat for $3.1bn, Netherlands-based New Skies Satellites for $956m and PanAmSat for $3.35bn.

Intelsat was sold in August to four private equity firms: Madison Dearborn Partners, Apax Partners, Permira and Apollo Management.

Blackstone bought New Skies Satellites in June. PanAmSat was sold in April to Kohlberg Kravis Roberts & Co.


SEE ALSO:
BT boss moves to French IT firm
25 Nov 04 |  Business


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