Intelsat Ltd. agreed to buy PanAmSat Holding Corp. for $3.2 billion in cash to form the world's largest commercial satellite operator and gain broadcasting customers including Time Warner Inc.'s CNN.
Intelsat, owned by four private equity firms including Apollo Management LP, will pay $25 a share for PanAmSat, the world's largest distributor of satellite-based television channels. That's 26 percent more than the closing price of $19.80 on Friday in New York Stock Exchange composite trading. Intelsat said in a statement today it also will assume $3.2 billion of PanAmSat's debt.
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