Merger Will Create Satellite Powerhouse, Companies Say
Intelsat says PanAmSat Holding Corp. will allow it to expand satellite services to businesses and consumers in the U.S.
Intelsat Ltd. announced plans to acquire PanAmSat Holding Corp. today, which Intelsat says will allow it to become one of the leading satellite providers in the U.S. Intelsat paid $25 per share for PanAmSat stock, for a total of $3.2 billion.
Intelsat has a strong presence outside the U.S. It offers video, voice, and data services to customers in more than 220 countries and territories, primarily those that are developing and underserved. PanAmSat has a video-centric customer base in the U.S., including cable TV providers Time Warner and HBO. Telecom carriers, such as MCI and Sprint, also use PanAmSat's services.
The resulting company will offer customers broader coverage, expanded HDTV, broadband, and IPTV (Internet Protocol television) services, and back-up satellites that will support fiber networks. The company will have a combined fleet of 53 satellites and will serve cable TV providers, broadcasters, businesses, consumers, and governments worldwide.
The merger is expected to close in about six to 12 months, according to Intelsat.
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