December 18, 2006
Loral Space & Communications Announces Sale of Satellite Services Pioneer Telesat Canada by Bell Canada Enterprises
On December 18, Willkie client Loral Space & Communications Inc. and its Canadian investment partner, the Public Sector Pension Investment Board (PSP Investments) announced their agreement with Bell Canada Enterprises Inc. to purchase Telesat Canada for C$3.25 billion and Loral's contribution of its Skynet satellite services business to a new Canadian joint venture company formed to effectuate the acquisition. In a press release, Loral's CEO, Michael Targoff, said: "This newly formed company will be one of the world’s largest operators of telecommunications satellites, with a combined fleet of eleven satellites and four additional satellites to be launched over the next three years." The Willkie team advising Loral includes partners Bruce Kraus, Bill Hiller, Phil Verveer, Rick Reinhold and Barry Nigro, with the assistance of special counsel Jonathan Konoff and associates Mark Getachew, Dalia Al-Sayeh, Jeni Pepper, Vladimir Kobzar and Mike Jones.