LOS ANGELES, CA, (NAMC) - PanAmSat Holding Corporation (NYSE:PA) received good news last week when they were notified that the United States Department of Justice is closing its antitrust investigation of the Company's proposed merger with Intelsat Ltd. The Justice Department is not seeking to condition, and is not otherwise commenting on, the proposed merger. The transaction remains under review by the U.S. Federal Communications Commission.

Intelsat and PanAmSat announced their merger agreement on August 29, 2005. Under the agreement, Intelsat will acquire PanAmSat for $25 per share in cash, or $3.2 billion. In addition, approximately $3.2 billion in debt of PanAmSat and its subsidiaries will remain outstanding or be refinanced. Closing of the transaction is subject, among other things, to the receipt of financing by Intelsat and to obtaining regulatory approval from the FCC. All other regulatory approvals required prior to closing have been obtained.

David Kingston
Business News Correspondent
NAMC Newswire
www.namcnewswire.com

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