Information AboutPanamsat |
| CATEGORIES ABOUT PANAMSAT | |
| carlyle group | |
| communications satellites | |
| companies based in connecticut | |
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PanAmSat effectively broke the monopoly on International satellite communications, which was held by Intelsat , an International treated-based organization founded and owned by several countries including the United States. PanAmSat, led by Anselmo, successfully lobbied the United States Congress to permit it to operate globally, competing against Intelsat. PanAmSat (and Anselmo) became famous for full-page advertisements in the Wall Street Journal depicting Spot, the PanAmSat mascot, urinating on politicians. In 1996 , PanAmSat and Hughes Electronics merged their operations under General Motors . The satellite operations continued to be under PanAmSat with Hughes being the majority shareholder. In May 1997 , Hughes Communication Galaxy merged with PanAmSat, adding 9 more satellites to its fleet. In 2003 , News Corporation purchased Hughes Electronics and on April 24 , 2004 sold PanAmSat to a consortium of Private Equity firms in an Leveraged Buyout including Kohlberg Kravis Roberts & Co. (KKR) , Carlyle Group and Providence Equity Partners for $4.3 billion. 2004 LEVERAGED BUYOUT KKR led the 2004 leveraged buyout by purchasing a 44% stake in the company. Carlyle and Providence each invested 27% with management representing the remainder of the Equity . The consortium invested only $550 million in equity, financing the remainder through Bank Loans And Bonds . The transaction closed in August 2004 . One month after the buyout, the company issued an additional $250 million in discount notes which were used to pay the consortium Dividend s. Three months later, PanAmSat Filed an Initial Public Offering with the Securities And Exchange Commission (SEC) . 2005 MERGER WITH INTELSAT In an ironic twist, low-demand and over-supply of satellite communications services forced PanAmSat and Intelsat to seek a merger in late 2005. Intelsat acquired PanAmSat's assets for $3.2 billion ($26 USD per share). This created a combined satellite fleet of over 50 satellites, serving over 200 countries. EXTERNAL LINKS |
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