Subscribe free to our newsletters via your
. 24/7 Space News .

Subscribe free to our newsletters via your

SES Americom Signs Deal to Acquire Verestar Assets Out of Bankruptcy

Come complete with four US and one European teleport
Princeton NJ - Apr 06, 2004
SES Americom has received U.S. Bankruptcy Court approval to acquire the assets of Verestar Inc., for a total cash consideration of $18.5 million. The Fairfax, VA-based company focuses on managed solutions for satellite communications in government, broadcast, enterprise, and international services markets with strategically located teleport facilities in the U.S. and abroad.

Since December 2003 Verestar has been operating under the protection of the bankruptcy court. In an auction conducted in New York on Tuesday, March 30th, SES Americom offered a successful bid to acquire substantially all of Verestar's business and operations, which was approved today by the U.S. Bankruptcy Court for the Southern District of New York in Manhattan.

In the near term, SES Americom will seek appropriate government authorizations, including FCC approval to transfer Verestar's communications licenses. Upon receipt of these authorizations, a process anticipated to take a number of months, the transaction will be finalized.

Dean Olmstead, President and CEO of SES Americom, said, "We look forward to combining the expertise and resources of Verestar with Americom; this will result in a stronger, bigger and better Americom operating company.

The benefit of this transaction will be reflected in Americom's financial performance and in the value we are creating for SES shareholders. The two companies are complementary, and we especially look forward to integrating Verestar's strong and growing government sector business into our government services subsidiary, Americom Government Services (AGS)."

David Helfgott, President of AGS, added, "The acquisition of Verestar will provide AGS with complementary lines of business in the government satellite communications services market. Key new assets, strategic contract vehicles, and a talented team of government satcom professionals will improve our ability to serve this important market, expand our service offerings and grow our revenues substantially."

Ray O'Brien, President and Chief Operating Officer of Verestar, said, "I am very enthusiastic about the acquisition of Verestar by SES Americom, a proven leader in the satellite industry. When the talented people, intellectual capital, customer relationships and technical assets of Verestar are integrated into Americom, I am confident the business will set even higher standards in quality and customer satisfaction." (more)

Americom is committed to expanding its range and depth of customer services, both in government and commercial business. Verestar's expertise in managed networks, will facilitate that growth by adding value to and strengthening customer relationships.

Specifically, Verestar's infrastructure and processes that support occasional and news gathering services regularly used by dozens of broadcasters and special event producers will be enhanced by Americom's bandwidth inventory management system and team.

In the developing market of fixed and mobile broadband services, the two companies currently have customers in common and a complementary technical direction. In aggregate, this transaction contributes directly to the achievement of Americom's near term and long-term strategic objectives.

The Verestar Company/Assets
+ 225 employees with headquarters, sales, marketing, finance, and operations based in Fairfax, Virginia and numerous sales offices and technical operations staff in the field and located at teleports.

+ Four U.S. teleports in Holmdel, NJ, Alexandria, VA, Brewster, WA, and Cedar Hill, TX.

+ Verestar, A.G., a Swiss Corporation, including a full-service teleport business based in Leuk, Switzerland serving Europe, Africa and the

Middle East regions.
+ Government contracts providing international telecommunications services to several U.S. government agencies.

+ Occasional services contracts with most television networks for news backhaul and distribution.

+ Commercial contracts with Connexion by Boeing for European and Atlantic Ocean services, various maritime mobile and fixed broadband service companies, and domestic and international telecommunications companies and ISPs.

Related Links
SES Americom
Search SpaceDaily
Subscribe To SpaceDaily Express

Traditional TV Isn't Dead - Yet
Alexandria - Apr 01, 2004
Amidst 50th birthday celebrations of the color TV and swirling rumors of the death of traditional television, CTAM (Cable & Telecommunications Association for Marketing) has taken responsibility for clearing up the muddied and sometimes contradictory picture of today's media consumer.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2016 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.