Blackstone makes $ 6 billion bid for Intelsat: Reports

MUMBAI: Privated Equity fund Blackstone Group has reportedly made a $ 6 billion bid for Intelsat Ltd, the world‘s largest commercial satellite operator that also owns PanAmSat.

Intelsat, which is owned by four private equity firms — Apax Partners, Permira, Apollo Management and Madison Dearborn Partners — has mandated Credit Suisse to manage its sale, the New York Times and Wall Street Journal, quoting company sources, reported today.

Intelsat was bought by the fund consortium in August 2004 in a $3.1 billion deal and subsequently bought over rival PanAmSat in 2005 for $ 3.2 billion. Intelsat is currently carrying an $11 billion debt load.

The satellite operator has more than 50 birds in its fleet.