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Intelsat-PanAmSat Merger Approved by FCC

29 июня 2006
The U.S. Federal Communications Commission announced yesterday that it has approved the merger of a subsidiary of Intelsat, Ltd., with PanAmSat Holding Corporation. Noting that the transaction was unopposed, the FCC Commissioners found that “the transaction will be in the public interest,” and they therefore granted Intelsat’s application for a transfer of control of PanAmSat’s FCC licenses. No other regulatory approvals are required, in the United States or elsewhere, prior to the closing of the transaction.

Intelsat announced that it is planning on completing the PanAmSat transaction on July 3, 2006. Its Chief Executive Officer, David McGlade, said: “The closing of the merger will open a new chapter for our industry and our customers, who will benefit from expanded services and improved network flexibility and resilience as we bring together these two great companies. Serving our customers with innovation and quality is our highest priority, and the first step in accomplishing that objective is through implementing a seamless integration.”

“The FCC recognized the many benefits of this merger in finding it to be in the public interest,” said Phillip Spector, Executive Vice President & General Counsel of Intelsat. “We are appreciative that so many of our customers filed comments with the FCC in support of the merger.”

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 approximately $3.2 billion in the aggregate(plus a pro rata share of undeclared regular quarterly dividends, if any, for the quarter in which the merger is completed). In addition, $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.

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