A majority stake in Intelsat Ltd., global provider of fixed satellite services, will be purchased from its parent company, Intelsat Holdings Ltd., by a group led by U.K.-based private equity firm BC Partners with other investors, Intelsat announced June 19.

The transaction is subject to review by the Committee on Foreign Investment in the United States (CFIUS), an inter-agency committee chaired by the U.S. Secretary of Treasury, as a matter of national security. Bidding reportedly drew interest from other private equity groups as well as Loral Space and Communications, plus a joint bid by Liberty Media and EchoStar Communications.

The definitive agreement calls for the BC Partners-led group to acquire approximately 76 percent of the primary ownership of Intelsat Holdings in a transaction valuing Intelsat’s equity at approximately $5.0 billion. Combined with an estimated $11.4 billion of debt as of March 31, the overall value of the transaction would run to approximately $16.4 billion.

Intelsat CEO Dave McGlade is expected to continue in his role with the company.