The U.S. Federal Communications Commission (FCC) approved Intelsat Ltd.‘s acquisition of Panamsat Holding Corp., and Intelsat expects to close the deal July 3, the company announced.

“The transaction will be in the public interest,” the FCC said, as it granted Intelsat’s application for a transfer of control of Panamsat’s FCC licenses.

“The closing of the merger will open a new chapter for our industry and our customers, who will benefit from expanded services and improved network flexibility and resilience as we bring together these two great companies,” Intelsat CEO David McGlade said in a statement. “Serving our customers with innovation and quality is our highest priority, and the first step in accomplishing that objective is through implementing a seamless integration.”

Under the agreement, announced in August, Intelsat will pay about $3.2 billion for Panamsat as well as assume $3.2 billion in debt.