Intelsat Buys Rival Operator for $3.2 Billion
Satellite operator Intelsat last week announced plans to buy rival PanAmSat for $3.2 billion, in a deal that will create the worlds biggest fleet of commercial communications satellites.
Using a combined fleet of 53 satellites, the expanded company will cover more than 220 countries and territories, officials said.
Joseph Wright, CEO of PanAmSat, is expected to become chairman of the board after the transaction closes.
PanAmSat brings to the table a base of cable TV broadcasters; Intelsat historically has focused on Internet access for government customers and rural areas around the world where alternate options are not available.