Private Equity Firms Complete Acquisition Of PanAmSat From DIRECTV Group

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El Segundo CA (SPX) Aug 23, 2004
The DIRECTV Group and PanAmSat Corporation last Friday (August 20) announced the completion of the sale of PanAmSat to affiliates of Kohlberg, Kravis Roberts & Co. L.P., The Carlyle Group and Providence Equity Partners.

The DIRECTV Group, which held an 80.4 percent equity stake in PanAmSat, received approximately $2.6 billion in cash for this transaction.

Chase Carey, president and CEO of The DIRECTV Group, said, "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. We've enjoyed our association with PanAmSat and wish them well going forward."

"PamAmSat and our satellite industry are going through real changes, which create growth opportunities for the strong technical, marketing and managed companies," said Joe Wright, president and CEO of PanAmSat.

"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."

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