Intelsat Limited and PanAmSat Holding Corporation have announced that the two companies have signed a definitive merger agreement under which Intelsat will acquire PanAmSat for $25 per share in cash, or $3.2 billion. The transaction will create a premier satellite company, which will be a leader in the digital delivery of video content, transmission of corporate data and provisioning of government communications solutions. Using a combined fleet of 53 satellites, the company will serve customers in more than 220 countries and territories. Intelsat has received financing commitments for the full amount of the purchase price from a group of financial institutions led by Deutsche Bank Securities, Citigroup Global Markets, Credit Suisse First Boston LLC and Lehman Brothers.
