US-based Space Systems Loral has said it has been picked to build a satellite and procure a launch vehicle for it by an undisclosed customer.
The mystery spacecraft will be based on the group’s SSL 1300 platform, equipped with C-band and Ku-band…
US-based Space Systems Loral has said it has been picked to build a satellite and procure a launch vehicle for it by an undisclosed customer.
The mystery spacecraft will be based on the group’s SSL 1300 platform, equipped with C-band and Ku-band payloads for voice and data communications, broadband, and video distribution.
The last time the group announced an undisclosed satellite customer the operator was later unveiled as Brazil’s Star One, however, SatelliteFinance understands that this is not the case this time.
SSL declined to comment.
It comes just a few weeks after the manufacturer opened a second thermal vacuum chamber in Palo Alto, California, which will help it avoid shipping satellites elsewhere for testing and therefore increase production.
Meanwhile, talks to sell SSL’s former parent, Loral Space & Communications, have reportedly been revived after breaking down earlier this year over a US$300m consent fee to get the deal done.
Ontario Teachers’ Pension Fund and Canada’s Public Sector Pension Investment Board (PSP) have made a renewed offer for the group, reported the Wall Street Journal citing people familiar with the matter.
It cited one of the people as saying that Loral has an enterprise value of about US$7bn, mostly due to its 63% stake in Canadian satellite operator Telesat. PSP owns the rest of Telesat.
Loral also holds 56% of XTAR, a joint venture with Spanish satellite operator Hisdesat that offers X-band services to government customers.
The group sold SSL to Canadian manufacturer MacDonald, Dettwiler and Associates in 2012 for US$875m.
Credit Suisse has previously been reported as advising on the sale of Loral, and its process is thought to be running alongside Morgan Stanley’s attempt to find a buyer for Telesat.
Last month, a hedge fund with nearly 10% of Loral’s voting stock slammed the company for entertaining a sale at US$80-85 per share, describing it as a “miniscule” premium.
Highland Capital Management said there should be no urgency to sell Loral unless there is a hefty premium, because it gets significant free cashflow each year through its Telesat stake.
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