PRINT THIS PAGE KKR to buy Panamsat in cut-price deal13/08/2004. Source: AltAssets. 
 A consortium of private equity firms led by Kohlberg Kravis Roberts is set to complete the acquisition of Panamasat next week. The protracted transaction process is finally nearing an end after the satellite company's owner, DirecTV, slashed the price of the deal by $200m.
The terms of the agreement, which originally valued Panamsat at $3.55bn, had to be urgently renegotiated after a technical malfunction at one of the group's satellites this month triggered a clause allowing the buyers to walk away form the deal, according to the Financial Times.
Talks between both parties have resolved that the reduced revenues from the sale will be absorbed by DirecTV and not Panamsat's shareholders who will still be paid $23.50 per share, as provided in the original deal.
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