From: Jeffrey Epstein <jeevacation@grnail.com>
To: Nicole Junkermann
Subject: Re: Fw: Deal Poseidon
Date: Mon, 18 Mar 2013 17:34:07 +0000
No
On Monday, March 18, 2013, Nicole Junkermann wrote:
Are u investing?
From: Jeffrey Epstein [mallto:jeevacSgmail com
Sent: Monday, March 18, 2013 06:23 PM
To: Nicole Junkermann
Subject: Re: Fw: Deal Poseidon
Yes
On Monday, March 18, 2013, Nicole Junkermann wrote:
Are you aware of this deal?
From: David Stern (mailto:
Sent: Monday, March 18, 2013 06:03 PM
To: Jorg Mohaupt <
Cc: Nicole Junkermann
Subject: Deal Poseidon
Jorg,
I hope this mail finds you well.
I am an active investor in a private equity fund that is finalising a very interesting US$ 1.2bn
transaction.
There is scope for co-investment of up to US$ 100m.
Please see some points below. Is this something of interest?
All the best,
David
• One of the world's largest private undersea cable systems (most systems are owned by consortia of
telecom companies) providing connectivity between US-Europe-Middle East-Subcontinent-East Asia
• Strategic asset to the Middle East — c. 40% of Middle East's internet traffic and c. 25% of all voice and
data traffic is carried on Poseidon
• Play on exploding data traffic — broadband, internet video, 4G, teleconferencing (eg, Netflix outside US is
carried on this system; Google and Facebook are customers)
• Blue chip customers — major carriers (Etisalat, Du, Qtel, Omantel, Batelco, Mobilye, Vodafone, BT) and
enterprises (Ernst & Young, Hilton Hotels, LVMH, Lloyds Bank)
• Proprietary transaction —we are dealing principal-to-principal (no bankers/intermediaries); Seller's $7 bn
of debt is main driver of (reluctant) disposal but they want to retain a 15% stake to participate in upside
• Asset is only 10% utilised today— 90% of bandwidth available for sale (and more will be 'created' as
electronics technology advances allowing more and more light to be pumped through and hence capacity to
be unlocked in the same fiber system)
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• Cash generative — at least $150 million of free cash flow per year, providing yield (once debt has been
paid down)
• Very good entry price — at c. 5x ebitda — should be able to sell at a higher multiple once freed up from
Seller (who suffers from a poor reputation) and positioned for growth
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EFTA00956811