Loral Space and Communications has 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 and 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 to acquire 100 percent of the stock of Telesat Canada from BCE for CAD 3.25 billion.
