On The Money - In Brief
- Intelsat has revealed it will buy PanAmSat for USD3.2 billion in cash, creating the world’s largest satellite broadcaster. The pair announced the merger on Monday after receiving approval from their respective boards at the weekend. The combination will create a company able to provide competitive communications and video services to consumers and businesses. Both companies have substantial business portfolios in Africa. The move is part of an overall consolidation of the satellite sector which saw IP Planet merge with Gilat.
- Egypt-based operator Orascom Telecom yesterday announced that net income for 1H05 increased 49% year on year to E£1.7 billion (US$296 million), while revenues increased 69% year on year to E£9.2 billion end-June. Proportionate subscribers reached 14.8 million with MobiNil in Egypt providing 3.29 million and Mobilink in Pakistan contributing 2.8 million total subscribers.