by Staff Writers
New York NY (SPX) Oct 29, 2012
Loral Space and Communications Inc. has announced that Loral and MacDonald, Dettwiler and Associates Ltd. (MDA) have received notice from the Department of Justice that it has completed its review of the transaction to sell Space Systems/Loral, Inc. (SS/L) to MDA and that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has been granted with respect to the transaction.
Termination of the waiting period satisfies one of the conditions to the closing of the transaction, and Loral expects that the remaining conditions, all of which are within the parties' control, will be satisfied.
Loral Space and 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 remains subject to customary closing conditions.
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