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Intelsat, PanAmSat Get DOJ Approval |
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Posted 26 May 2006 @ 10:29 pm EET |
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NEW YORK (AP) - Intelsat Ltd., a a provider of global communications services, on Friday said the Department of Justice cleared its proposed acquisition of satellite operator PanAmSat Holding Corp.
The Justice Department is closing its antitrust investigation and will not seek any conditions on the purchase, Intelsat said. The Federal Communications Commission is still reviewing the deal.
Intelsat offered to acquire PanAmSat in August for $3.2 billion plus debt.
"With the Justice Department's decision not to challenge our transaction, we are moving full speed ahead with our integration planning and preparations," said Intelsat Chief Executive David McGlade in a statement. "We will be finalizing our financing over the next few weeks, and should be in a position to close soon after receiving FCC approval."
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