Skyterra Communications Inc., an affiliate of New York-based private equity firm Apollo Management LP, has executed an agreement to acquire the remaining 50 percent of Hughes Network Systems LLC (HNS) from DirecTV Group Inc. for $100 million in cash, DirecTV announced No. 10.
“Satellite technology is an essential element in any broadband network, providing a valuable, wide area alternative to terrestrial DSL and cable modem systems,” Pradman Kaul, chairman and CEO of HNS, said in a statement. “We expect to continue our history of developing innovative new products and service offerings that will unlock the value of broadband for all our customer segments, both in the U.S. and internationally. We have many opportunities in front of us to make our business even more successful.”
The transaction is expected to close in the first quarter 2006.
