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MUMBAI:
America's media regulatory body Federal Communications Commission
(FCC) has approved Intelsat's acquisition of Panamsat.
Noting
that the transaction was unopposed, the FCC Commissioners found that
“the transaction will be in the public interest,” and they
therefore granted Intelsat’s application for a transfer of control
of Panamsat’s FCC licenses. No other regulatory approvals are
required, in the US or elsewhere, prior to the closing of the transaction.
Intelsat
is planning on completing the Panamsat acquisition on 3 July 2006.
Intelsat CEO David McGlade said, “The closing of the merger
will open a new chapter for our industry and our customers, who
will benefit from expanded services and improved network flexibility
and resilience as we bring together these two great companies.
"Serving
our customers with innovation and quality is our highest priority,
and the first step in accomplishing that objective is through implementing
a seamless integration.”
Intelsat
and Panamsat had announced their merger agreement on 29 August 2005.
Under the agreement, Intelsat will acquire Panamsat for $25 per
share in cash, or approximately $3.2 billion in the aggregate.
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