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Loral Space & Communications completes merger with Telesat Corporation

Date Closed

November 19, 2021

Lead Office


On November 19, 2021, Loral Space & Communications Inc. (Loral) completed its previously announced definitive agreement with Public Sector Pension Investment Board (PSP Investments) and Telesat Canada pursuant to which Loral and Telesat Canada became subsidiaries of Telesat Corporation (New Telesat), a new publicly traded Canadian company. Upon closing of the transaction, the stockholders in Loral, together with PSP Investments and certain current and former management shareholders of Telesat will, directly or indirectly through a limited partnership, own all of the equity in New Telesat in approximately the same proportion as their current, indirect ownership in Telesat. The new public company trades on the TSX and NASDAQ exchanges under the ticker symbol “TSAT”.

Loral, based in New York, NY, is a satellite communications company. Loral holds a 62.7% economic interest in Telesat Canada.

Telesat, based in Ottawa, ON, is a Canadian satellite communications company.

PSP Investments is one of Canada’s largest pension investment managers. PSP Investments holds a 36.7% interest in Telesat Canada.

McCarthy Tétrault LLP advised Loral with a team led by Robert Hansen that included Nigel Johnston, Gabrielle Richards and Stefanie Morand (Tax), David Woollcombe, Heidi Gordon, Mariko Rivers, Gerald Gaunt, Rachel Wasserman and Judy Tian (Business), Grant Buchanan, Keith Rose and John Boscariol (Regulatory), Oliver Borgers and Kate McNeece (Competition/ICA) and Geoff Hall (Litigation).