Intelsat Ltd. has inked a $3.2 billion deal to acquire PanAmSat, an agreement that will create a satellite juggernaut with a combined fleet of 53 satellites serving customers in more than 220 countries and territories.

PanAmSat brings to the table a large video-centric customer base, including several cable television programming networks. That will complement Intelsat's core of telephony and data services, the companies said.

"The combination of Intelsat and PanAmSat creates an industry leader with the ability to provide competitive communications and video services to consumers and businesses," said Intelsat CEO David McGlade, who will remain CEO and a director of the combined company. "The two companies are complementary in customer, geographic and product focus."

On the financial front, PanAmSat shareholders will receive $25 per share in cash, a 40 percent premium over the IPO price set about six months ago, the companies said.