Loral, Canadian fund to buy Telesat Canada
Posted: Mon, Dec 18, 2006, 7:59 AM ET (1259 GMT)
Satellite operator Loral Space and Communications announced Monday morning that it and a Canadian pension fund will acquire Canadian satellite operator Telesat Canada for nearly $3 billion. Loral and the Public Sector Pension Investment Board will acquire Telesat Canada from its current owner, Bell Canada Enterprises (BCE), for US$2.8 billion, plus the assumption of about $150 million in debt. As part of the deal Loral will transfer its current Loral Skynet satellite holdings to a new Canadian company called simply Telesat, combining it with Telesat Canada's existing fleet of communication satellites. Daniel Goldberg, current CEO of Telesat Canada, will become CEO of the combined Telesat venture, which will be headquarters in Ottawa and be majority-owned by Canadians.
Satellite operator Loral Space and Communications announced Monday morning that it and a Canadian pension fund will acquire Canadian satellite operator Telesat Canada for nearly $3 billion. Loral and the Public Sector Pension Investment Board will acquire Telesat Canada from its current owner, Bell Canada Enterprises (BCE), for US$2.8 billion, plus the assumption of about $150 million in debt. As part of the deal Loral will transfer its current Loral Skynet satellite holdings to a new Canadian company called simply Telesat, combining it with Telesat Canada's existing fleet of communication satellites. Daniel Goldberg, current CEO of Telesat Canada, will become CEO of the combined Telesat venture, which will be headquarters in Ottawa and be majority-owned by Canadians.
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