NEW YORK, NY, Sept. 20, 2012 (Loral/MDA PR) – Loral Space & Communications Inc. today announced that Loral and MacDonald, Dettwiler and Associates Ltd. (MDA) were notified today by the Committee on Foreign Investment in the United States (CFIUS) that CFIUS had concluded its review and investigation of the proposed sale of Space Systems/Loral, Inc. (SS/L) by Loral to a subsidiary of MDA and determined that there are no unresolved national security concerns with respect to the transaction.
The transaction remains subject to the receipt of certain other regulatory approvals and the satisfaction of other customary closing conditions and is expected to close in the fourth quarter of 2012.
About the Transaction
On June 26, 2012, Loral Space & Communications Inc., the parent company of SS/L, and MDA executed a definitive agreement for the purchase of SS/L. The agreement is subject to applicable regulatory approvals and certain closing conditions customary for this type of transaction. Headquartered in Palo Alto, California, SS/L is the global market leading provider of commercial communications satellites, serving a global customer base.
About Loral Space & Communications Inc.
Loral Space & Communications is a satellite communications company. Through its Space Systems/Loral subsidiary, the company is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring, and air traffic management. Loral also owns 64 percent of Telesat, one of the world’s largest providers of satellite services. Telesat operates a fleet of telecommunications satellites used to broadcast video entertainment programming, distribute direct-to-home video and broadband data services, and other value-added communications services. On June 26, 2012, Loral announced that it had entered into a definitive agreement to sell Space Systems/Loral to MacDonald, Dettwiler and Associates Ltd. (TSX: MDA). The closing of the transaction is subject to regulatory and other customary closing conditions. For more information, visit Loral’s web site at www.loral.com.
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
The company’s common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.