SAN FRANCISCO – Canadian satellite fleet operator Telesat and Loral Space & Communications announced plans for November. 24 to Telesat Corp. . , a Canadian public company that is expected to close in the next year.
Under an agreement with the Canadian Public Sector Pension Investment Board (PSP Investments), Loral Space & Communications and Telesat Canada become subsidiaries of Telesat Corp.. . The company will be based in Ottowa and led by Dan Goldberg, Telesat CEO.
Telesat sees the public listing as an opportunity to raise money for its multi-billion Telesat LEO constellation with 298 satellites. Telesat Corp. . will be listed on the Nasdaq Global Select Market, on which Loral is currently listed, upon completion of the transaction. Telesat Corp. . according to a Nov.. also a listing on a Canadian stock exchange. 24 press release.
During a profit call in October, Goldberg was asked if Telesat was considering an IPO. Without answering the question directly, he said, “If Telesat went public and Telesat were to issue equity as part of this process, the proceeds of an offer could be used to invest in LEO. ”
Telesat Corp. . The shares will trade on Nasdaq sometime during the second or third quarter of 2021, subject to regulatory approvals and the approval of the transaction by Loral shareholders, including the majority of Loral shareholders unaffiliated with MHR Fund Management, PSP Investments, or any other transaction participants are.
« Today’s announcement is streamlining our corporate structure and is another major step in our efforts to execute our exciting growth strategy, deliver the most competitive and innovative services to our customers, and create value for our shareholders and other key stakeholders, » Goldberg said in an opinion. « Upon completion of the transaction, Telesat will have access to the public equity markets and offer greater flexibility and optionality to support our promising investment opportunities, including Telesat LEO, which will bridge the digital divide both in Canada and around the world. and give our customers the competitive edge they need to be successful. We look forward to working with our expanded shareholder base as we execute on our growth plans and focus on generating strong stock returns. ”
Until the transaction is completed, Loral and PSP Investments will remain the largest shareholders in Telesat, a satellite communications company founded in 1969.
« This transaction allows public market investors, including Loral shareholders, to own Telesat directly, and also gives Telesat access to the public equity markets to support its compelling growth initiatives, including its revolutionary, advanced, low-earth orbit satellite constellation, « According to Telesats Nov. . 24 press release.
Telesat, Loral Space & Communications, Public Sector Pension Investment Committee, Public Company, NASDAQ, NASDAQ: LORL
LevelMagazine – CA – Telesat and Loral Establish Canadian Public Company – SpaceNews
. . Associated title :
– Loral Space & Communication with Telesat to form a new company
– Telesat and Loral to form a Canadian public company
– Loral Space & Communication shares rallies following the announcement of the merger of Telesat
– Loral and Telesat to be merged
– Loral signs agreement with PSP Investments and Telesat to combine Loral and Telesat in a new public . . .
– Telesat to merge with Loral Space to found a stock company
– PSP Investments supported Telesat in the merger with Loral and listed on the NASDAQ
– Loral (LORL) concludes pact with PSP-Investments and Telesat to merge to form a new public company
– Loral Space to merge with Telesat to form a new Canadian satellite group
– Loral, Telesat on the merger into a new stock corporation, declares special dividend, shares 1. 5%