Telesat standing by for new owners
May 6, 2014
By Chris Forrester
Canada-based satellite operator Telesat, which has a fleet of Anik satellites serving mostly Canadian clients, says its near-time ownership could soon change. CEO Dan Goldberg confirmed what the industry has long anticipated, which is that current majority shareholder Loral Space & Communications would sell itself to a new owner, which would then negotiate a shareholder agreement with existing minority owner PSP Investments of Canada, a major pension fund.
Loral has been evaluating potential bids since early March.
Meanwhile, Telesat last week unveiled its latest results which showed that revenues were up 11 per cent (for the period to March 31st) to US$219 million helped by the entry into service of its latest craft, Anik G1 in May last year. Also helping was a short-term lease of a very old Nimiq craft for three months at the start of this year and boosting revenues by 1-2 per cent and earning C$13 million.
Telesat’s fleet usage was an extremely healthy 90 per cent as far as its North American fleet was concerned, and 83 per cent full on its international fleet. Contracted backlog stood at C$4.9 billion.