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PanAmSat Sale Gets $2.6 Billion for DirecTV

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#1 OFFLINE   Chris Blount

Chris Blount

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Posted 23 August 2004 - 04:59 AM

On Friday, the DirecTV Group completed its sale of PanAmSat to private equity firms, receiving about $2.6 billion in cash for the transaction.

Those buying PanAmSat are affiliates with Kohlberg, Kravis Roberts and Co., The Carlyle Group and Providence Equity Partners. The DirecTV Group held an 80.4 percent equity stake in PanAmSat.

"Completing the sale of PanAmSat is a significant step toward moving us closer to our goal of focusing our business on DirecTV and making it the best television experience in the country," Chase Carey, president and CEO of The DirecTV Group, said. "We've enjoyed our association with PanAmSat and wish them well going forward."

Joe Wright, president and CEO of PanAmSat, said. "PamAmSat and our satellite industry are going through real changes, which create growth opportunities for the strong technical, marketing and managed companies. The time for us to team up with KKR, Carlyle and Providence Equity couldn't be better. This was the best outcome for our customers, as we expand our technologies and services, and our employees, as we grow our company."

http://www.skyreport.com (Used with permission)

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