PSP Investments buys Telesat
CANADA - The Public Sector Pension Investment Board (PSP Investments) has teamed up with Loral Space & Communications to fully acquire satellite operator Telesat Holdings for C$3.25bn (US$2.8bn).
The joint venture between PSP Investments and Loral will also see the assumption of C$172m in debt.
The combined assets of the new entity will spawn one of the world’s largest telecommunications satellites operators. PSP Investments will hold 36% of the company’s economic interest.
Gordon Fyfe, PSP Investments president and CEO, said: “The combination of Telesat, with its strong Canadian presence, and Loral Skynet with its overseas coverage creates a great long term growth asset for PSPIB.”
Paul Cantor, chair of the board at PSP Investments added: “This transaction is consistent with our long term investment horizon and strategic direction.”
Evercore acted as PSP Investments’ financial advisors over the course of the transaction.
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