Government pension fund, Loral, buy Telesat for $3.25 billion

MONTREAL and OTTAWA – Telesat won't be going public after all. Bell Canada Enterprises announced this morning it has sold 100% of the satellite company to Public Sector Pension Investment Board and Loral Space & Communications. The two companies (PSPIB is a crown corp.) will pay $3.25 billion plus the assumption of $172 million of debt, under a newly formed joint venture between PSP Investments and Loral (all figures in C$). The new Canadian holding company will be known as Telesat and will continue to be based in Ottawa. The company had previously announced its intention to explore all options...