MUMBAI: Intelsat announced that at an annual general meeting held in Paris today, its shareholders approved the proposed acquisition of the company by Zeus Holdings Limited.

Over 99 per cent of the votes cast on the matter, representing nearly 85 percent of Intelsat's total issued and outstanding ordinary shares, voted in favor of the transaction, informed an official release.

The approval of shareholders representing not less than 60 per cent of the voting power of Intelsat's total issued and outstanding ordinary shares was required in order to approve the transaction.

On 16 August, Intelsat and its subsidiary entered into a transaction agreement with Zeus Holdings Limited and two of its subsidiaries pursuant to which Zeus Holdings will acquire 100 per cent of Intelsat for total cash consideration of approximately $3 billion, or $18.75 per ordinary share, plus the assumption of nearly $2 billion in existing debt, added the release.

Zeus Holdings is a Bermuda company formed by investors advised by Apax Partners Worldwide, LLP and Apax Partners, Inc., Apollo Management V, L.P., MDP Global Investors Limited and Permira Advisers LLC.

Intelsat CEO Conny Kullman said, "The transaction with Zeus represents a strong proposition and attractive valuation for our shareholders who, upon closing, will receive cash in exchange for their shares. This is a major milestone and we are pleased with our progress on the transaction to date. We look forward to obtaining the required regulatory approvals and meeting the other conditions to closing in an expeditious manner."