PanAmSat Sale Done8/20/2004 4:31 AM Eastern
DirecTV Group Inc. completed its sale of PanAmSat Corp. to affiliates of three private-equity firms Friday.
Affiliates of Kohlberg Kravis Roberts & Co. L.P., The Carlyle Group and Providence Equity Partners Inc. paid approximately $2.6 billion for the satellite company.
The news follows Wednesday’s announcement that PanAmSat closed its merger with DirecTV Group subsidiary PAS Merger Sub Inc.
The deals were 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.
“PanAmSat and our satellite industry are going through real changes, which create growth opportunities for the strong technical, marketing and managed companies," PanAmSat CEO Joe Wright said in a prepared statement.
"The time for us to team up with KKR, Carlyle and Providence Equity couldn't be better,” he added. “This was the best outcome for our customers, as we expand our technologies and services, and our employees, as we grow our company."