MUMBAI: Panamsat corporation today announced the closing of its merger with PAS Merger sub, Inc, a wholly owned subsidiary of DirectTV group Inc.

A leading global provider of video, broadcasting and network distribution and delivery services, Panamsat's in-orbit fleet, comprising 24 satellites, is capable of reaching over 98 per cent of the world's population through cable television systems, broadcast affiliates, direct-to-home operators, Internet service providers and telecommunications companies.

Following the merger, the Company's shares will be now be delisted from the Nasdaq and will no longer be publicly traded, says a company release.

The Company's shareholders approved the transaction at its annual meeting held on 13 August 2004.

Private equity firms to Affiliates of Kohlberg, Kravis Roberts & co L P, The Carlyle Group and Providence Equity Partners, Inc. are scheduled to acquire the DirectTV groups equity stake in PanAmSat on Friday, 20 August 2004.

PanAmSat supports the largest concentration of satellite-based business networks in the U.S., as well as specialised communications services in remote areas throughout the world. While, the DirectTV group is a leading provider of digital multichannel television entertainment, broadband satellite networks and services, and global video and data broadcasting. The group is 34 per cent owned by Fox Entertainment Group, which is approximately 82 percent owned by News Corporation Ltd.