Loral Gains Approval For Telesat Takeover
[09-21-07 – Satellite Today] Industry Canada has approved Loral Space & Communications Inc.’s acquisition of Telesat Canada, Loral announced Sept. 19.
Loral and its partner, Canada’s Public Sector Pension Investment Board (PSP Investments), agreed in December to acquire 100 percent of the stock of Telesat Canada from parent company BCE Inc. for $3.2 billion.
Michael Targoff, CEO, Loral Space & Communications, said the U.S. Federal Communications Commission is expected to approve the deal soon, and the agreement could be closed before the end of October.
The assets of Loral Skynet and Telesat Canada will be combined under a company dubbed Telesat that will be the fourth largest communications satellite operator in the world.