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Justice Department Clears Intelsat-PanAmSat Merger
Wilton CT SPX) May 29, 2006 PanAmSat Holding Corporation announced today that it has been informed that the United States Department of Justice is closing its antitrust investigation of the Company's proposed merger with Intelsat Ltd. The Justice Department is not seeking to condition, and is not otherwise commenting on, the proposed merger. The transaction remains under review by the U.S. Federal Communications Commission (FCC). "PanAmSat today has worked hard to become one of the world's leading providers of standard and high-definition television signals, with a highly reliable satellite fleet, top-notch service and a professional style of management," said Joe Wright, CEO, PanAmSat. "We've reached the point where this merger with Intelsat makes a lot of sense for our shareholders, customers and employees. You won't be able to match the combined quality of these two companies. We look forward to our new relationship with Dave McGlade, his management team and his employees." Intelsat and PanAmSat announced their merger agreement on August 29, 2005. Under the agreement, Intelsat will acquire PanAmSat for $25 per share in cash, or $3.2 billion. In addition, approximately $3.2 billion in debt of PanAmSat and its subsidiaries will remain outstanding or be refinanced. Closing of the transaction is subject, among other things, to the receipt of financing by Intelsat and to obtaining regulatory approval from the FCC. All other regulatory approvals required prior to closing have been obtained. Community Email This Article Comment On This Article Related Links PanAmSat Intelsat The latest information about the Commercial Satellite Industry
SES ASTRA Increases Shareholding In ND Satcom To 100 percent
Chateau de Betzdorf, Luxembourg (SPX) May 26, 2006SES ASTRA, an SES GLOBAL company, has announced today that it raises its stake in the satellite communications supplier ND SatCom from 25.1 to 100 per cent by acquiring the 74.9 per cent share from the German-based high-tech group AUGUSTA Technologie AG. |
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