Quebec signs preliminary deal to invest C$400 mln in Telesat satellite network

MONTREAL: Quebec’s provincial government has signed a preliminary agreement to invest C$400 million ($315 million) in Telesat’s low earth orbit (LEO) telecommunications satellite network, the parties said on Thursday.

Telesat is owned by Pension Investment Board and Loral Space & Communications Inc, but it plans to merge Telesat Canada with Loral to become a public entity on the Nasdaq this summer.

Under a memorandum of understanding, Quebec’s investment “will consist of C$200 million in preferred equity as well as a C$200 million loan,” the parties said in a statement.