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Space Business Review A monthly round-up of space industry developments for the information of our clients and friends.

May 2014 AT&T TO ACQUIRE DIRECTV BRAZIL ORBITAL SLOT AUCTION On May 18, AT&T Inc. (AT&T) and DIRECTV, On May 7, Anatel, Brazil’s LLC (DIRECTV) announced that they entered regulatory agency, announced that a government CONTACTS: into a definitive agreement whereby AT&T will auction of four orbital positions on May 6 acquire DIRECTV in a stock-and-cash produced $67.6m in winning bids. Hispamar Dara A. Panahy 202-835-7521 transaction. Pursuant to the terms of the merger, Satélites S.A., a subsidiary of , S.A., [email protected] DIRECTV shareholders will receive $95 per won one of two auctioned Ku-band orbital slots share, consisting of $28.50 in cash and $66.50 in with a bid of $28.6m. SES DTH do Brasil LTDA, Bijan Ganji AT&T stock, representing a total equity value of a subsidiary of SES S.A., won the other Ku-band 202-835-7543 $48.5b and a total transaction value of $67.1b. slot with a bid of $12m as well as a slot offering [email protected] The combined company will possess greater C-, Ku- and Ka-band frequencies, and rights to product offerings and enhanced distribution provide broadband services, with a bid of

capabilities as a result of the combination of $14.9m. Brasil LTDA, a subsidiary of To learn about Milbank’s DIRECTV’s customer base, content and Eutelsat S.A., won a slot that, according to Space Business Practice, or technology with AT&T’s nationwide mobile ANATEL, involves frequency rights under view previous issues of the network and high-speed broadband network. Appendix 30B of the ITU, which covers fixed Space Business Review, Expected to close within 12 months, the services, with a bid of $12.8m. please visit www.milbank.com. transaction remains subject to DIRECTV shareholder and governmental approvals. LOCKHEED TO ACQUIRE ASTROTECH UNIT The information contained On May 29, Lockheed Martin Corporation herein is provided for EXPORT CONTROL REFORM FINAL RULES announced that it entered into a definitive informational purposes only On May 13, the U.S. Departments of State and agreement to acquire the assets of Astrotech and should not be construed as legal advice on any subject Commerce issued final rules that will revise U.S. Space Operations, which specializes in pre- matter. Recipients of this export control regulations with respect to launch satellite processing, from Astrotech publication should not take or commercial and related items. Since Corporation (Astrotech). According to Astrotech, refrain from taking any action 1999, all satellite hardware and technology have the purchase price for the acquisition is $61m. based upon content included been tightly controlled as military items under herein. If you do not wish to the U.S. Munitions List. The new rules direct a MAY SATELLITE ORDERS receive this newsletter, please transfer of certain commercial or widely available On May 12, announced that send an e-mail to satellite hardware and technology from the U.S. it was selected by KT Corporation subsidiary [email protected] Munitions List to the Commerce Control List, KTSat to manufacture the Koreasat-7 and with the word “unsubscribe” in which will significantly ease exports of such items Koreasat-5A satellites, which will provide the subject line. to particular countries. The new rules are , broadcasting, multimedia and fixed ATTORNEY ADVERTISING. scheduled to come into effect in 6 months. communications services. Prior results do not guarantee similar results. MAY FINANCING ROUNDUP MAY LAUNCHES On May 1, Sirius XM Holdings Inc. announced On May 26, AG successfully © 2014 - Milbank, Tweed, that its subsidiary Sirius XM Inc. priced launched the EUTELSAT 3B satellite for Hadley & McCloy LLP. an offering of $1.5b of 6% senior notes due 2024 Eutelsat Communications S.A. on a Zenit-3SL at 100%. On May 14, Communications launch vehicle. Manufactured by Airbus Defence Inc. announced the closing of two public and Space based on its E3000 platform, offerings: an offering of 8,483,608 shares of EUTELSAT 3B carries Ku-, C- and Ka-band common stock at a price of $6.10 per share, with payloads and will be operated at the 3°E orbital net proceeds of approximately $48.9m, and an position to provide broadband, data, telecom and offering of 500,000 shares of new 6.75% series B video services to customers in , Africa, the cumulative perpetual convertible preferred stock , Central and Brazil. at a price of $250 per share, with net proceeds of approximately $121m. On May 20, plc MAY LAUNCH SERVICES ORDERS announced the completion of an offering, On May 14, Mitsubishi Heavy Industries Corp. through wholly-owned subsidiary Inmarsat announced that it was selected by SKY Perfect Finance plc, of $1b of 4.875% senior notes due JSAT Corporation to launch an unidentified 2022 at a price of 99.191%. satellite in 2016 on an H-2A launch vehicle.

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