The Fixed Satellite Services (FSS) business of Loral Space & Communications Inc. and Telesat Canada will be combined under a new Canadian company to become the fourth largest operator in the world, the companies announced Dec. 18.
Under an agreement, Loral and its partner, Canada’s Public Sector Pension Investment Board (PSP Investments), will acquire 100 percent of the stock of Telesat Canada from parent company BCE Inc. for $2.8 billion as well as the assumption of $148 million in debt.
The combined operations of Telesat and Loral Skynet consist of 11 satellites with four additional spacecraft scheduled to be placed into orbit throughout the next three years. The combined operations recorded revenues of $568 million in the year ended Sept. 30, and the new organization, dubbed Telesat, will have a backlog of $4.9 billion.
Daniel Goldberg, president and CEO of Telesat, will serve as CEO of the new organization, which will be headquartered in Ottawa.

For expanded coverage of the deal, see the developing story on www.SatelliteToday.com.