DirecTV Closes PanAmSat Deal

8/18/2004 10:20 AM Eastern

PanAmSat Corp. Wednesday announced the closing of its merger with DirecTV Group Inc. subsidiary PAS Merger Sub Inc.

The deal was approved by PanAmSat shareholders at the company’s annual meeting Aug. 13. PanAmSat shares will be delisted from the NASDAQ exchange, and they will no longer be publicly traded.

DirecTV Group’s equity stake in PanAmSat is being sold to affiliates of Kohlberg Kravis Roberts & Co. L.P., The Carlyle Group and Providence Equity Partners Inc. for approximately $2.6 billion Friday.

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