SkyTerra (OTCBB: SKYT) has received approval from the International Bureau of the Federal Communications Commission (FCC) for the transfer of control of the company to Harbinger. The previously announced merger agreement between SkyTerra and Harbinger calls for SkyTerra to be acquired by a new corporation formed and indirectly wholly-owned by Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, L.P. At a Special Meeting of Stockholders on March 22, 2010, SkyTerra stockholders overwhelmingly voted to approve the merger agreement with Harbinger. With FCC and stockholder approvals now complete, the transaction is expected to close as soon as practicable, following the satisfaction of all the conditions to closing.
On a separate item, the FCC’s International Bureau also granted SkyTerra’s application for a modification of certain terms of its ancillary terrestrial component (ATC) authorization. This approval allows SkyTerra to implement its Cooperative Agreement with Inmarsat and deploy a robust, terrestrial mobile broadband network, which will be integrated with SkyTerra’s satellite network. Later this year, SkyTerra plans to launch the first of two satellites for coverage of the U.S. and Canada, which are expected to be among the largest and most powerful commercial satellites ever built.
- Skip to primary navigation
- Skip to main content
- Skip to primary sidebar
- Skip to secondary sidebar
- Skip to footer
Satellite Industry Intelligence Since 1983
Footer
Satnews is a leading provider of satellite news, events, publications, research and other satellite industry information in both commercial and military enterprises worldwide.