The &euro550m ($482.5m) sale of Telecom Italia's minority stakes in four satellite consortia last week confirmed the private equity industry's appetite for the assets of deeply indebted telecoms companies.
Lehman Brothers' $2bn Merchant Banking Partners fund has agreed to roll together Telecom Italia's interests in Eutelsat, Intelsat, Inmarsat and New Skies Satellites. Lehman is taking a 70% stake in the new vehicle, while Telecom Italia will hold 30% with a seat on the board as well as a seat on the Eutelsat board. Its share in Eutelsat is just over 20%.
