Date Closed

October 31, 2007

Lead Office

Toronto

Value

3.47 Billion CAD

On October 31, 2007, a new acquisition company formed by Canada’s Public Sector Pension Investment Board (PSP) and Loral Space & Communications Inc. completed the acquisition of BCE Inc.'s satellite services subsidiary Telesat Canada for C$3.47 billion.

PSP Investments, the pension fund manager for Canada's federal public service, the Canadian Forces, the Royal Canadian Mounted Police, and other Canadian investors will hold majority voting control in the new company, thereby ensuring strong Canadian control of Telesat.  On closing, Loral - a recognized leader in satellite manufacturing and satellite services - will contribute its Loral Skynet business, which involves complementary satellite services assets in Europe, Asia, the Middle East and Latin America to the new company.

McCarthy Tétrault LLP advised Loral Space & Communications with a team led by Robert Forbes.