MONTREAL – Telesat Canada is now a private company. Canada’s Public Sector Pension Investment Board (PSP Investments) today announced the closing of its acquisition of Telesat Canada for C$3.25 billion – combining substantially all of the assets of Loral Skynet to the new, expanded Telesat.
Telesat is now the fourth-largest fixed satellite services provider in the world, and will continue to operate under the name of Telesat and be headquartered in Ottawa. As a result of this acquisition, Telesat now has a global fleet of 12 satellites, three additional satellites under construction, and a global teleport and fibre infrastructure.
"By bringing together Telesat Canada and Loral Skynet, two of the pre-eminent 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.
"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,” added Gordon Fyfe, PSP Investments’ president and CEO.
