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PamAmSat Sale Completed

Aug 20, 2004  •  Post A Comment

DirecTV Group said Friday that it has completed the all-cash $2.6 billion sale of its 80.4 percent interest in PanAmSat Corp. to a private-equity team that includes Kohlberg, Kravis, Roberts & Co., The Carlyle Group and Providence Equity Partners.

The completion comes a week after the two sides revised the terms of the deal following a snafu with one of PanAmSat’s satellites. The failure of a propulsion system led the two sides to reduce the sale price by $200 million, reflecting the early retirement of the satellite and the need to accelerate the construction of a replacement.