Satellite Industry Deals: Cash or Stock?

It's official: satellite operator SES Global completed its acquisition of 100% of New Skies Satellites for $1.15 billion ($22.52 per share).

As planned, New Skies becomes "the third satellite infrastructure pillar of SES GLOBAL providing international satellite services, alongside SES Astra in Europe, and SES Americom in North America."

So... In this era of satellite industry consolidation, you may find yourself wondering, what are the "dynamics underlying an acquirer's offer of cash versus stock" for deals such as SES Global's acquisition of New Skies, or Intelsat's acquisition of PanAmSat in a $3.2 billion deal?

Glad you asked. For you satellite industry mergers & acquisitions watchers, in his monthly "Dollars and Sense" column in Via Satellite,
part I and part II, Owen D. Kurtin, partner in the New York offices of Brown Raysman, who specializes in tech, communications and corporate law, looks at issues facing acquirers in deciding how to structure these now seemingly commonplace transactions.

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