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Telecommunications Intelsat PanAmSat merger clears another hurdle
Telecommunications Intelsat PanAmSat merger clears another hurdle | Intelsat PanAmSat merger clears another hurdle |
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| by Stuart Corner | |
| Sunday, 28 May 2006 | |
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In a statement, Intelsat said the department was closing its antitrust investigation. "The Justice Department is not seeking any conditions on the proposed merger and is not otherwise commenting on it." However, the transaction remains under review by the FCC and is also subject to Intelsat gaining financing for the acquisition. Intelsat CEO, David McGlade, said: "With the Justice Department's decision not to challenge our transaction, we are moving full speed ahead with our integration planning and preparations. We will be finalising our financing over the next few weeks, and should be in a position to close soon after receiving FCC approval." Intelsat and PanAmSat announced their merger agreement on August 29, 2005. Under the agreement, Intelsat will acquire PanAmSat for $US25 per share in cash, $US3.2 billion in total. Approximately $3.2 billion in debt of PanAmSat and its subsidiaries will remain outstanding or be refinanced.
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