New Skies Satellites B.V., the global satellite communications company, this week announced the completion of the sale of its Australian subsidiary, New Skies Networks PTY Limited, to Multiemedia Limited for $10 million.

New Skies Networks Limited, an operator of two teleports in Adelaide and Perth, Australia, will now be known as NewSat Networks Pty Limited, and will operate as an Australian registered company. The new owner, Multiemedia Limited, is a provider of next generation technology and communications services based in Australia.

The company will use the net proceeds of the sale transaction to repay a portion of the outstanding borrowings under its term loan facility.

New Skies Satellites is one of only four fixed satellite communications companies with global satellite coverage, offering data, video, Internet and voice communications services to a range of telecommunications carriers.

New Skies Satellites B.V. is the main operating subsidiary of the Hamilton, Bermuda based New Skies Satellites Holdings Ltd.