WASHINGTON (Dow Jones/AP) — The Federal Communications Commission has approved a $16.4 billion deal in which satellite company Intelsat Holdings will become privately owned.

Intelsat Holdings is the parent company of Intelsat, the world's largest provider of fixed satellite services. It is being acquired by Serafina Holdings, an investment vehicle primarily owned by private equity firm BC Partners Ltd.

In a statement, the FCC said it had concluded there would be no impact on competition as a result of the deal. It also said there would be no problems with Intelsat being owned by a foreign-based entity. Serafina is based in Bermuda.

The deal, which includes $11.4 billion in Intelsat debt, was announced in June. It has already been cleared by competition authorities at the European Union.

BC Partners owns 71 percent of Serafina, and will therefore take a controlling interest in Intelsat. The largest single investor in Serafina, through its investment in BC Partners' funds, is the Ontario Teachers' Pension Plan Board. It owns about 11.5 percent of Serafina.

The remaining investors in Serafina are a number of other private equity funds as well as management at Intelsat, which will gain an approximately two percent stake in the company.

Several government agencies filed with the FCC saying they had no objections to the deal being concluded.

A spokesman for Intelsat wasn't immediately available to comment.