David Douglas, who left Credit Suisse First Boston last month to join Lehman Brothers, will soon be working with his ex-colleagues as both banks are leading the initial public offering of Eutelsat, the Paris-based satellite operator.

At Lehman, Douglas is an executive director responsible for the firm's equity capital markets (ECM) business in France. The Eutelsat offer is due before the end of the year and analysts estimate that the company is valued at between $1.5 (€1.6bn) and $2bn.