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Intelsat bags Lorals North American Satellite Assets

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MUMBAI: Intelsat has completed its acquisition of the North American satellites and related customer contracts of Loral space and communications corporation. It has already begun executing customer transition and satellite integration plan.



With the help of the recent acquisition, Intelsat will be able to add full coverage of North America to its area of coverage. The $961.1 million purchase will enhance Intelsat's global market and help it expanding its customer base in the broadcasting, cable television and corporate networking segmentsm, says a company release.



Upon the closing, Intelsat paid $961.1 million in cash for the assets acquired under the purchase agreement with Loral. This price reflects performance-related and other adjustments to the $1.025 billion base purchase price set forth in the asset purchase agreement, adds the release.



Intelsat did succed in bagging the assets after Telstar 4 satellite connection ceased to operate following a faliure. Intelsat was assigned Loral's rights to receive insurance proceeds (net of currently expected warranty payments) of up to $140 million, which would further reduce the total consideration for these assets.



According to Intelsat chief executive officer Conny Kullman, "The addition of the Loral assets fulfills key strategic priorities for building our business. These satellites enhance our worldwide network coverage and immediately establish us as a serious competitor in the North American video market."



"Our focus now is on providing a seamless and efficient transition for all Loral customers that we have acquired. These assets are an excellent fit with our existing network, and we expect the transition to move smoothly. With this acquisition complete, Intelsat is now able to provide reliable, one-stop shopping for broadcasters or other companies needing to connect from or to almost any point on Earth," he added.



In addition to adding prime North American coverage to the Intelsat fleet, the assets add important Ku-band capacity to serve Latin America, further enhancing Intelsats global, end-to-end satellite and land-based network.



Intelsat has acquired four in-orbit satellites and one satellite under construction, with the orbital designation to remain in degrees West. Intelsat has also acquired rights to use the 77?W orbital location.



Communications operations and customer support will now be managed by Intelsat, with support from Loral for a six-month transition period. Command and control of the Intelsat Americas satellites will be transitioned to Intelsats satellite control center over the next 12 to 18 months, adds the release.

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