Telesat Files to Go Public Ahead of $5 Billion Lightspeed Plan
(Bloomberg) -- Telesat Corp. has filed for a listing on U.S. and Canadian exchanges as it ramps up development of a $5 billion network of low-earth orbit satellites.
The Ottawa-based satellite operator, which is partially owned by Canada’s Public Sector Pension Investment Board, filed a preliminary prospectus to trade on Nasdaq and the Toronto Stock Exchange. Telesat, which owns and leases fleets of satellites, isn’t raising any money in the listing.
Telesat is developing a new constellation of satellites called Lightspeed, with a goal to “revolutionize global broadband internet connectivity” in remote or poorly-connected regions. The company expects to spend $5 billion on the project over four years on satellites, launch vehicles, ground systems and other expenses, according to the prospectus.
The Canadian government said in August it will back Lightspeed with C$1.4 billion ($1.1 billion), including loans and preferred shares.
In February, Telesat struck a $3 billion deal with Thales Alenia Space to have the European manufacturer build the fleet of about 300 satellites.
Telesat would trade under the ticker symbol TSAT on both exchanges.
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