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SkyTerra to Acquire Remaining Interest in Hughes Network from DirecTV |
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EL SEGUNDO, Calif., Nov. 12, 2005/Satnews Daily/ — SkyTerra Communications, Inc. (OTCBB:SKYT), an affiliate of Apollo Management, L.P., a New York-based private equity firm, is acquiring from DirecTV Group, Inc. its remaining 50 percent interest in Hughes Network Systems, LLC (HNS) for $100 million in cash.
According to a DirecTV Group announcement on Thursday, HNS will make payments to DirecTV totaling $10 million at closing to resolve certain post-closing adjustments related to the initial purchase by SkyTerra of its interest in HNS.
HNS, which is based in Germantown, Md., is primarily focused on providing broadband satellite networks and services to enterprises via its core enterprise Very Small Aperture Terminal (VSAT) business. HNS' other businesses include Consumer Direcway, Mobile Satellite and Carrier Networks, as well as the portion of the Spaceway satellite platform that is under development and that will not be used in DirecTV 's direct-to-home satellite video broadcasting business.
The transaction, which is expected to close in the first quarter of 2006, is subject to certain regulatory approvals and other customary closing conditions.
DirecTV (NYSE:DTV) is a world-leading provider of digital multichannel television entertainment, is approximately 34 percent owned by News Corporation.
Recent Stories: SkyTerra Acquires 50% of Hughes Network Systems; DirecTV to Remain 50% Partner SkyTerra Communications to Acquire 50% of Hughes Network Systems From DirecTV Group |
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