Canadian-based global satellite operator Telesat Corporation has become a public company with shares listed on the Nasdaq Global Select Market (NASDAQ) and Toronto Stock Exchange (TSX) under the ticker symbol TSAT, following the closing of a transaction in which Loral Space & Communications' stockholders and Telesat Canada's other equity holders exchanged their interests for equity in Telesat's new public holding structure. Telesat Canada and Loral are now subsidiaries of Telesat Corporation, which remains Canadian-controlled. PSP (Public Sector Pension) Investments and MHR Fund Management control approximately 37% and 36% respectively of the group's outstanding equity.
A press release declared that the dual-listing is strategically important for driving Telesat's growth plans including its government-funded Telesat Lightspeed Low Earth Orbit (LEO) satellite network rollout. Telesat Lightspeed will enable fixed broadband, LTE and 5G connectivity in Canada starting in 2024, expected to support faster data services in various regions of the country whilst connecting approximately 40,000 households in remote regions and providing services for business clients in industries such as air transport and shipping.
Thanks to TeleGeography for this industry update.