Intelsat to Acquire Rival PanAmSat for $3.2 Billion

From: Mike DiMuzio (
Date: Mon Aug 29 2005 - 08:39:56 EDT

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    from the Ny Times:
    August 29, 2005
    Intelsat to Acquire Rival PanAmSat for $3.2 Billion
    Intelsat announced today that it had agreed to acquire a rival, the 
    PanAmSat Holding Corporation, creating the world's largest operator of 
    satellites that distribute data and video programming for clients.
    Intelsat, which is a private company, will pay $3.2 billion, or $25 a 
    share, for PanAmSat, Intelsat said. It will use cash to pay for the 
    shares, which it is buying at a price that is almost 40 percent higher 
    than the trading price just after PanAmSat's initial public offering in 
    March. On Friday, PanAmSat shares closed at $19.80, down 3 cents, on the 
    New York Stock Exchange.
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