On June 19 the Federal Communications Commission unanimously approved Paul, Weiss client Intelsat, Ltd.’s proposed merger with PanAmSat Holding Corporation.
This is the last regulatory hurdle faced by the two companies, and the deal is expected to close early next month. The Department of Justice cleared the merger on May 26. Intelsat and PanAmSat, which are two of the largest U.S. commercial satellite operators, announced their merger agreement in August 2005. Under the agreement, Intelsat will acquire PanAmSat for $25 per share in cash or $3.2 billion. Today’s Daily Deal notes that “the approval erases some lingering concern by outside observers that regulators might view the deal harshly, anticipating that it would result in a duopoly over North American skies…”
The Paul, Weiss team included partners Joe Simons and Patrick Campbell, counsel Richard Elliott and Jeff Olson, and associates Diane Gaylor, Danielle Monnig, Jonathan Lave and Ludovic Ghesquiere.
