FCC Grants Approval for Sale of PanAmSat to Private Equity Firms
August 12 2004 - 10:04AM
PR Newswire (US)
FCC Grants Approval for Sale of PanAmSat to Private Equity Firms
WILTON, Conn., Aug. 12 /PRNewswire-FirstCall/ -- PanAmSat
Corporation (NASDAQ:SPOT) today announced that, on August 11, the
Federal Communications Commission approved the sale of PanAmSat to
affiliates of Kohlberg Kravis Roberts & Co., L.P., The Carlyle
Group and Providence Equity Partners, Inc. The FCC approval was the
last in a series of regulatory approvals needed for the completion
of the transaction. The DIRECTV Group, Inc. also announced today
that it has reached an agreement with affiliates of Kohlberg Kravis
Roberts & Co., L.P., The Carlyle Group and Providence Equity
Partners, Inc. relating to the pending transaction involving
PanAmSat, which resolves the effect of the xenon ion propulsion
failure of Galaxy 10R, a PanAmSat satellite, which was announced
last week, and other issues. The agreement reduces the purchase
price payable to The DIRECTV Group for its equity interest in
PanAmSat upon completion of the transactions by $200 million to
approximately $2.6 billion. The agreement does not affect the
$23.50 per share purchase price to be paid to the other PanAmSat
shareholders. It is expected that PanAmSat shareholders will
approve the transaction at their annual meeting on August 13, which
will permit the parties to close the merger with a subsidiary of
The DIRECTV Group on Wednesday, August 18 and the purchase of stock
from The DIRECTV Group on Friday, August 20, assuming the
satisfaction of other closing conditions. "Now that we have
received all necessary approvals, we are looking forward to the
ultimate completion of the deal next week," said Joe Wright,
president and CEO of PanAmSat. "We look forward to a great future
with our new owners." Additional Important Information PanAmSat
Corporation stockholders are strongly advised to read the proxy
statement relating to PanAmSat's 2004 annual meeting of
stockholders, as it contains important information. Stockholders
may obtain this proxy statement, any amendments or supplements to
the proxy statement and other documents filed by PanAmSat with the
Securities and Exchange Commission for free at the Internet website
maintained by the Securities and Exchange Commission at
http://www.sec.gov/ . Copies of the proxy statement and any
amendments and supplements to the proxy statement are also
available for free by writing to PanAmSat Corporation, 20 Westport
Road, Wilton, CT 06897, Attn: Corporate Secretary. About PanAmSat
Through its owned and operated fleet of 24 satellites, PanAmSat is
a leading global provider of video, broadcasting and network
distribution and delivery services. In total, the Company's
in-orbit fleet is capable of reaching over 98 percent of the
world's population through cable television systems, broadcast
affiliates, direct-to-home operators, Internet service providers
and telecommunications companies. In addition, PanAmSat supports
the largest concentration of satellite-based business networks in
the U.S., as well as specialized communications services in remote
areas throughout the world. PanAmSat is 80.4 percent owned by The
DIRECTV Group Inc. For more information, visit the Company's web
site at http://www.panamsat.com/ . This document contains
forward-looking statements within the meaning of the safe harbor
provisions of the Securities Litigation Reform Act of 1995. Terms
such as "expect," "believe," "continue," and "grow," as well as
similar comments, are forward-looking in nature. Although the
Company believes its growth plans are based upon reasonable
assumptions, it can give no assurances that such expectations can
be attained. Factors that could cause actual results to differ
materially from the Company's expectations include general business
and economic conditions, competitive factors, raw materials
purchasing, and fluctuations in demand. The Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Please refer to the Company's Securities and Exchange Commission
filings for further information. DATASOURCE: PanAmSat Corporation
CONTACT: Kathryn Lancioni for PanAmSat Corporation, +1-646-293-7415
Web site: http://www.panamsat.com/
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