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Collapsed satellite company sells assets

Collapsed satellite company sells assets

Gavin Smith Allens

Allens and Henry Davis York have advised on SpeedCast’s acquisition of the assets of NewSat, an Australian satellite provider that entered into receivership.

Firm: Allens (SpeedCast); Henry Davis York (NewSat)

Deal: SpeedCast bought the assets of NewSat from receivers McGrathNicol

Value: Undisclosed

Area: M&A

Key players: Allens partner Gavin Smith lead the team, assisted by partner Victoria Holthouse and senior associate Michael Scarf, as well as lawyers from the Sydney, Hong Kong and Brisbane offices.

Deal significance:
Receivers were appointed to ASX-listed company NewSat on 17 April 2015 after the company revealed it was hundreds of millions of dollars in debt.

The company had ambitions to launch the only Australian-owned commercial satellite.

Under the deal, NewSat’s teleport (transmission point) and satellite service businesses will be transferred to SpeedCast.

The acquisition expands SpeedCast’s footprint in Asia Pacific, Mr Smith said.

“The addition of NewSat's teleport assets in Australia will complement the company's existing infrastructure in the region, provide expansion capabilities and enhance its ability to deliver high-quality satellite communications services to its energy, government and telecom customers in Asia-Pacific, Middle East and Africa,” he said.

“SpeedCast has grown rapidly over the past few years and this is the fifth acquisition Allens has worked on for SpeedCast.”

 

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Collapsed satellite company sells assets
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