MONTREAL, Oct. 31 /CNW Telbec/ - Canada's Public Sector Pension
Investment Board (PSP Investments) today announces the closing of the
acquisition of Telesat Canada for CAD $3.25 billion combining substantially
all of the assets of Loral Skynet Corporation ("Loral Skynet") to the new
expanded Telesat Canada ("Telesat").
Telesat which is now the fourth largest fixed satellite services provider
in the world, continues to operate under the name of Telesat and be
headquartered in Ottawa. As a result of this acquisition, Telesat now has a
global state-of-the-art fleet of 12 satellites, three additional satellites
under construction, and a robust global teleport and fiber infrastructure that
Telesat has seamlessly integrated with its satellite fleet to provide users
with a range of advanced network solutions.
"By bringing together Telesat Canada and Loral Skynet, two of the
preeminent satellite companies in our industry, we have created a powerful new
global operator with world-class satellites, comprehensive terrestrial
facilities, and a deeply dedicated and experienced team of satellite
professionals," said Dan Goldberg, President and CEO of Telesat.
Gordon J. Fyfe, PSP Investments' President & CEO, stated, "PSP's private
equity investment in Telesat is a continuation of PSP's Private Equity
strategy of active direct investment worldwide. We have worked closely with
management teams as well as our Private Equity fund partners. PSP supports the
Telesat management team and the strategy for the company".
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is a
Canadian crown corporation established in September 1999 by Parliament by the
Public Sector Pension Investment Board Act. The mandate of PSPIB is to manage
and invest pension funds of certain pension plans including the Federal Public
Service, the Canadian Forces, the Reserve Force and the Royal Canadian Mounted
Police. PSPIB has approximately a total of CAD $35 billion under management.
The Head office of PSPIB is located in Ottawa. Its principal business office
is in Montreal.
For further information:
For further information: Anne-Marie Laurendeau, Director, Communications
and Government Relations, PSP Investments, (514) 937-2772