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ICO-Teledesic
Global Ltd. has announced
investment agreements totaling more than US$1 billion from a
number of international investors, including Eagle River, Clayton,
Dubilier & Rice, Inc. (CD&R) and Bill Gates. CD&R, a
private equity investor, announced that a fund it manages would
invest up to US$350 million in the satellite communications
venture. CD&R has committed to invest US$150 million in I CO-Teledesic
Global and has the option to invest up to an additional US$200
million in the company at a later date. Gates, chairman of
Microsoft Corporation, has committed to invest US$100 million in
ICO-Teledesic Global through his private investment vehicle,
Cascade Investment LLC. In 1994  Gates
had joined McCaw as one of Teledesic's two primary founding
investors. ICO-Teledesic Global also has received US$500 million
from Eagle River Investments LLC, McCaw's private investment
company. This US$500 million was part of the previously announced
US$1.2 billion McCaw-led successful financial restructuring of
London-based New ICO. Other investors in ICO-Teledesic Global have
invested US$65 million, including Indian media entrepreneur
Subhash Chandra, and Burtington Resources Inc., a private
investment vehicle of Swiss investors Jack and Philippe Setton.
New
ICO plans to begin offering its services worldwide in 2003.
Teledesic’s target service date is late 2004.
ICO-Teledesic
Global has proposed a merger of New ICO and Teledesic with
ICO-Teledesic Global. The merger of New ICO into ICO-Teledesic
Global is subject to approval by the New ICO board and
shareholders as well as regulatory authorities. Teledesic's board
of directors has already approved the merger of Teledesic into
ICO-Teledesic Global. This merger also remains subject to
shareholder and regulatory approvals. Once the mergers are
completed, New ICO and Teledesic will be wholly owned subsidiaries
of ICO-Teledesic Global.
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