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Americas - Other | Legal | Mergers & Acquisitions | Other Corporation | Satellites & Sensors | USA

Intelsat Acquires PanAmSat for $3.2B

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Intelsat, Ltd. Of Pembroke, Bermuda and PanAmSat Holding Corporation of Wilton, CT, USA have signed a definitive merger agreement under which Intelsat will acquire PanAmSat for $25 per share in cash, or $3.2 billion. Using a combined fleet of 53 satellites, the company will serve customers in more than 220 countries and territories. PanAmSat brings a strong, video-centric customer base, including leading providers of cable TV programming, while Intelsat’s historical strength has been in providing core telephony and advanced data services to developing and underserved regions around the world. Over the long term, the company intends to consolidate best practices from the two respective organizations. Shareholders owning approximately 58% of PanAmSat’s shares have agreed to vote in favor of the combination. The merged company is expected to have pro forma annual revenues of more than $1.9 billion and to maintain significant free cash flow from operations. Under the agreement, which was approved unanimously by the Boards of Directors of both companies, Intelsat will acquire all outstanding common shares of PanAmSat, and additionally Intelsat will either refinance or assume approximately $3.2 billion in debt of PanAmSat Holding Corporation and its subsidiaries. Prior to this financing and the closing of the transaction, […]

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