LORAL SPACE & Communications has increased its interest in the Space Systems/Loral (SS/L) international satellite joint venture, raising its stake to a controlling 51%.
Loral Space, the company left over after the sale of the bulk of the Loral defence interests to Lockheed Martin, had previously held a 32.7% stake in SS/L, but has now acquired the 18.3% held through a partnership led by US merchant bank Lehman Brothers.
The remaining 49% of the satellite company is owned by four European groups, Aerospatiale, Alcatel, Alenia and Daimler-Benz Aerospace. SS/L, which is valued at $1.4 billion, has produced 75 satellites and has another 75 on order.
Source: Flight International