Industry CANADA approves acquisition of TELESAT CANADA by LORAL and PSP INVESTMENTS
NEW YORK .- Loral Space & Communications Inc. (NASDAQ: LORL) today announced that Industry Canada has approved the acquisition of Telesat Canada by Loral and its Canadian partner, the Public Sector Pension Investment Board (PSP Investments).
“We are very pleased that Industry Canada has approved the application,” said Michael Targoff, chief executive officer, Loral Space & Communications. “FCC approval, the last regulatory approval required for the transaction, is expected shortly. Completion of financing is being coordinated for a late October closing of the Telesat transaction, including the Loral Skynet business contribution.”
On December 16, 2006, the joint venture company formed by Loral and PSP Investments entered into a definitive agreement with BCE Inc. (TSX/NYSE: BCE) to acquire 100 percent of the stock of Telesat Canada from BCE for CAD 3.25 billion.
Loral Space & Communications is a satellite communications company. It is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management. Loral also owns and operates a fleet of telecommunications satellites used to broadcast video entertainment programming, distribute broadband data, and provide access to Internet services and other value-added communications services.
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