[opendtv] DirecTV slashes PanAmSat price by $200 mln
- From: Monty Solomon <monty@xxxxxxxxxx>
- To: undisclosed-recipient: ;
- Date: Thu, 12 Aug 2004 19:07:19 -0400
UPDATE 2-DirecTV slashes PanAmSat price by $200 mln
- Aug 12, 2004 12:57 PM (Reuters)
(Adds details, updates stock price)
PHILADELPHIA, Aug 12 (Reuters) - DirecTV Group Inc. (NYSE:DTV) on
Thursday agreed to sell its satellite affiliate for 7 percent less
than previously negotiated as a discount to cover the failure of
one of its satellites.
Recent technical troubles on one of PanAmSat Corp.'s (NASDAQ:SPOT)
24 satellites, which shortened its expected operating life-span to
about three years from seven years, had given its buyers the right
to walk away under the terms of their agreement.
As a result, satellite TV company DirecTV agreed to reduce the
price it would be paid for its stake in PanAmSat -- which
transmits television programming and telecommunications traffic --
by $200 million to $2.6 billion.
The buyers -- Kohlberg Kravis Roberts & Co., Providence Equity
Partners and Carlyle Group -- still would pay the original $23.50
per share price to the other PanAmSat shareholders, DirecTV said.
That would bring the total value of the deal to about $3.35
billion, based on the original purchase price of $3.55 billion.
...
- http://finance.lycos.com/home/news/story.asp?story=43068003
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