Intelsat Buys Comsat General From Lockheed Martin
By Staff Writer | May 11, 2004
According to Lockheed Martin Corp. [LMT] executives, Intelsat Ltd. will acquire Lockheed Martin’s Comsat General business for $90 million in cash. The deal includes provisions, under certain circumstances, for Intelsat to substitute as much as $40 million in stock for an equal amount of cash.
The transaction is expected to close by the end of the year, assuming all regulatory approvals are met. Comsat General provides satellite-centric telecommunications services and equipment, concentrating on the international fixed and mobile satellite systems for clients with quick-response and high- availability needs. Intelsat will gain all of Comsat General’s existing capacity service contracts with its customers as part of the purchase.