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.
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.