TerreStar Enhances Spectrum Footprint With Closing Of EchoStar Deal
[Satellite Today – 6-11-08] TerreStar Corp. closed separate transactions with EchoStar Corp. and CCTV Wireless I LLC to gain additional spectrum, TerreStar announced June 11.
Under the deals, announced in February, TerreStar acquired certain 1.4 gigahertz spectrum licenses held by EchoStar in exchange for 30 million shares of TerreStar common stock. TerreStar acquired the CCTV spectrum pursuant to an assignment from Harbinger Capital Partners Master Fund I Ltd. and Harbinger Capital Partners Special Situations Fund LP for 1.2 million shares of TerreStar stock.
“This enhanced nationwide spectrum footprint can help TerreStar accomplish its mission to offer reliable, interoperable satellite-terrestrial communications for the commercial, government, rural and public safety sectors throughout North America,” TerreStar President Jeffrey Epstein said in a statement. “In addition to augmenting our nationwide spectrum footprint, these transactions underscore EchoStar and Harbinger’s commitment to TerreStar. Further, we continue our discussions with EchoStar to identify new business opportunities between the two companies."