New Skies Satellites N.V., the global satellite communications company, today announced the completion of the sale of the company to affiliates of The Blackstone Group, a leading private investment firm.

Dan Goldberg, New Skies' chief executive officer, said: "Today, we begin a new chapter in the growth and development of New Skies Satellites. With the solid financial backing and strong commercial focus of The Blackstone Group, we are well positioned to expand our business going forward and to continue to deliver the reliable, secure, state-of-the-art satellite services on which we have built our reputation."

Trading in New Skies' shares on Euronext Amsterdam and American Depository Shares on the New York Stock Exchange will be suspended as of the close of trading today, November 2, 2004. Holders of New Skies' ordinary shares in registered or book-entry form and holders of American Depository Shares as of the close of trading today will be entitled to payment of two sale distributions, totalling $7.96 per fully diluted share.

The corporate entity that previously held the company's assets has gone into liquidation and the company's business and operations will be continued by the acquiring company, New Skies Satellites B.V. Subject to final determination by the liquidator, in accordance with Dutch law, New Skies expects to make the initial distribution, constituting approximately 95 percent of the sale proceeds, to its shareholders of record within two weeks. The final distribution will constitute the remaining sale proceeds and will be made following the expiration of the statutory two-month opposition period in connection with the liquidation and provided that any potential opposition has been taken into account.

Further information on the two distributions to shareholders will be provided when the relevant dates have been determined.