DirecTV to Sell Rest of Hughes to SkyTerra
From Bloomberg News
DirecTV Group Inc. of El Segundo agreed to sell the rest of its Hughes Network Systems unit to SkyTerra Communications Inc. for $100 million as it shed the last of its non-satellite assets.
New York-based SkyTerra, an affiliate of private equity firm Apollo Management, bought half of Hughes Network Systems on April 25. SkyTerra said it would pay for the other half with short-term debt.
DirecTV Chief Executive Chase Carey has been selling company assets in the last year, including stakes in PanAmSat Holding Corp. and XM Satellite Radio Holdings Inc. Carey aims to increase DirecTV’s satellite customers in the U.S. and Latin America.
