US: The private-equity arm of Morgan Stanley currently owns about 31% of DigitalGlobe. According to NASDAQ report, the company plans to sell about half of that, since the company has made quite a bit of money this year. Shares have jumped one-third.
The move by Morgan Stanley will result in the investment bank losing the right to name two of DigitalGlobe’s nine directors; it will keep the right to nominate three so long as its stake remains above 15%. The sale of at least 6 million DigitalGlobe shares will cut its stake to as little as 18%.
Meanwhile, DigitalGlobe reiterated its 2010 guidance and forecast third- quarter earnings of 10 cents to 14 cents a share on revenue of USD 85 million to USD 91 million. On average, analysts polled by Thomson Reuters most recently expected 11 cents and USD 87 million, respectively.
The company has been reporting growth but profit in the second quarter fell on a surge in interest costs. DigitalGlobe last month unveiled a 10-year contract valued at USD 3.55 billion with the National Geospatial-Intelligence Agency.