We all knew it was going to occur, but now all is official! Industry Canada has approved the acquisition of Telesat Canada by Loral [NASDAQ:LORL] and their Canadian partner, the Public Sector Pension Investment Board (PSP Investments). On December 16th, 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 Telesat Canada’s stock from BCE for CAD 3.25 billion.
"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."—New York, New York
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