Satellites

KKR to acquire Panamsat for $4.3 billion

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MUMBAI: Satellite services provider Panamsat and DirecTV, which is the major stakeholder in the company, have announced that they have signed a definitive transaction agreement with affiliates of Kohlberg Kravis Roberts (KKR).

As per the same Panamsat will be sold at $23.50 in cash per share.

The aggregate transaction value, including the assumption of approximately $750 million of net debt, is approximately $4.3 billion.

The deal is subject to applicable regulatory approvals including the Federal Communications Commission, and also subject to approval by the stockholders of Panamsat. The transaction is expected to be completed in the second half of the year.

DirecTV group president and CEO Chase Carey says, "The sale of Panamsat is a significant step towards the completion of our plan to transform the former Hughes corporate structure to a single business. The single focus will rest on DirecTV, the US leading digital multichannel television service. The KKR offer, with its all-cash structure, provided the best value to the Panamsat shareholders."

Panamsat president and CEO Joe Wright adds, "Today, Panamsat is the leading distributor of video signals in the world. We transmit more than 2,100 broadcast TV channels globally. With KKR as our partner, we will have the opportunity to enhance our competitive position and significantly expand Panamsats capabilities."

"KKR understands our mission of servicing a strong customer base in the entertainment, communications and government sectors. It will support our efforts to grow by developing new products and services, forging strategic alliances and developing new markets. This new alliance provides us an excellent footing to build our future."

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