Industry Canada Approves Sale of Telesat to Loral/PSP Partnership

Industry Canada, the telecommunications regulator in Canada, has approved the acquisition of Telesat Canada by Loral Space and Communications and a Canadian partner, the Public Sector Pension Investment Board (PSP Investments).
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Industry Canada, the telecommunications regulator in Canada, has approved the acquisition of Telesat Canada by Loral Space and Communications and a Canadian partner, the Public Sector Pension Investment Board (PSP Investments). Telesat owns eight satellites bearing the names Anik and Nimiq. It launched its first satellite, Anik A1, in 1972. Loral, through its Loral Space Systems division, builds satellites. Its Loral Skynet division operates a fleet of telecommunications satellites, including the “Telstar” satellites.

Michael Targoff, CEO of Loral Space and Communications, said, “We are very pleased that Industry Canada has approved the application. 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.”