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Intelsat Buys PanAmSat

Satellite services provider Intelsat will buy PanAmSat for $3.2 billion (paying $25 cash per share) and together form the largest satellite company in the world.

The new company will have 53 satellites across the globe to serve video, telephony, and data customers.

David McGlade, currently Intelsat CEO, will continue in that role (and as director) upon closing. Joseph Wright, CEO of PanAmSat, will become chairman of the board.