Weil, Gotshal & Manges LLP
Weil Gotshal Advises PSP Investments on its CAD $3.42 Billion Acquisition of BCE’s Telesat Canada
(December 18, 2006, Weil Gotshal Press Release)
New York, December 18, 2006 - Weil,
Gotshal & Manges LLP, the international law firm, advised Canada’s
Public Sector Investment Board (PSP Investments), on its CAD $3.42 billion
acquisition of Telesat Canada, the satellite services subsidiary of BCE
Inc. (TSX/NYSE:BCE). PSP Investments formed a new joint venture with Loral
Space & Communications Inc. (NASDAQ: LORL) to make the definitive agreement
Under the agreement, PSP Investments and Loral Space will acquire 100 percent
of the stock of Telesat Canada. PSP Investments, the pension fund manager
for Canada’s federal public service, along with the Canadian Forces, the
Royal Canadian Mounted Police, and other Canadian investors will hold majority
voting control in the new company, which will be known as Telesat and will
be headquartered in Ottawa.
Loral Space will contribute its Loral Skynet business, which involves satellite
service assets in Europe, Asia, the Middle East and Latin America, to Telesat’s
existing satellite services in North and South America, creating one of
the largest global operators of telecommunications satellites.
Members of the new company’s management team will be drawn from both Telesat
and Loral Skynet. The deal, subject to regulatory approval in both the
US and Canada, is expected to close in mid-2007.
Weil, Gotshal & Manges LLP’s Team
Partners: Doug Warner, Michael Nissan, Kim Blanchard,
Associates: Peter Feist, Hagai Zaifman, Thomas Hetherington, Andrew
Bailey, Tomer Schwartz
About Weil, Gotshal & Manges
Weil, Gotshal & Manges LLP is an international law firm of over 1,100
lawyers, including approximately 300 partners. Weil Gotshal is headquartered
in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas,
Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Providence, Shanghai,
Silicon Valley, Singapore, Warsaw, Washington DC and Wilmington.