2 Groups Buy 27% Stake in PanAmSat
From Bloomberg News
Carlyle Group and Providence Equity Partners will buy 27% stakes in satellite operator PanAmSat Corp. for $953 million each after losing to Kohlberg, Kravis, Roberts & Co. in bidding for control of the company.
KKR agreed in April to buy Wilton, Conn.-based PanAmSat from DirecTV Group Inc. and other investors for $3.53 billion. KKR, the world’s largest buyout firm, will keep a 44% stake, PanAmSat said in filings with the Securities and Exchange Commission.
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