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.
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.