Motient Corp. and Skyterra Communications Inc. completed transactions designed to simplify the ownership and control of a pair of companies developing systems to provide Mobile Satellite Services, the companies announced Sept. 25.

Motient acquired Terrestar Networks Inc. and will consolidate the ownership and control of Mobile Satellite Ventures LP (MSV) and its corporate general partner under Skyterra,.

To complete the deal, announced in May, Motient issued 4.1 million shares of its common stock in exchange for 2.3 million shares of Terrestar common stock, and exchanged 10.3 million MSV LP units for 29.1 million shares of Skyterra common stock.

As a result, Motient now owns 61 percent of Terrestar, 45 percent of Skyterra and 17 percent of MSV. Skyterra now owns about 52 percent of the outstanding limited partnership interests of MSV and about 78 percent of the outstanding common stock of its general partner.

Motient’s ownership of Terrestar could increase to as much as 100 percent if other Terrestar stock and option holders exercise their tag-along rights. Motient also intends to dividend about 25.5 million shares of Skyterra stock to Motient stockholders and may share the remaining shares of Skyterra to raise funds to cover tax liabilities or for general corporate purposes.

Skyterra may also acquire additional limited partnership interests in MSV from Motient, which would give Skyterra about 70 percent of the limited partnership interests of MSV. In connection with the transactions that closed today, Skyterra issued approximately 39.6 million shares of its common stock to the other former partners in the joint venture, including 25.5 million shares of non-voting common stock to Motient.

MSV and Terrestar are developing separate advanced mobile satellite communications systems.