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Hughes, PanAmSat to Finalize Merger

May 15, 1997|(Karen Kaplan)

Hughes Electronics Corp. and PanAmSat Corp. expect to finalize their $3-billion merger today. The deal, announced in September, gives Los Angeles-based Hughes 71.5% of the new company, which will retain the PanAmSat name and its headquarters in Greenwich, Conn. When the deal is complete, PanAmSat will have 14 satellites in operation--including 10 from Hughes' Galaxy fleet--and an additional seven on deck to launch in the next 18 months, PanAmSat President and Chief Executive Frederick Landman said. No layoffs are expected among the firm's 400 employees. The company uses its satellites to deliver television and cable programming as well as Internet access to countries around the world. Later this month, PanAmSat plans to launch Direct Internet, a service for Japan that is based on Hughes' DirecPC satellite technology.

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