Telesat owner Loral shortlists Apax, pension funds for sale

NEW YORK: Loral Space & Communications Inc, which holds a majority stake in Canadian satellite communications company Telesat Holdings Inc, has selected private equity firm Apax Partners LLP and two Canadian pension funds to negotiate a sale of Telesat, people familiar with the matter said.

Loral, which derives almost all of its value from Telesat, holds a 62.8% economic interest in Telesat but only 33.3% of its voting stock. PSP has a 35.3% economic interest and 66.7% of the voting power, according to regulatory filings.