The $3.25 billion combination of Loral Skynet Corp. and Telesat Canada has closed, Canada's Public Sector Pension Investment Board (PSP Investments) announced. The new entity will operate under the Telesat name and will be headquartered in Ottawa. As a result of the acquisition Telesat now has 12 satellites, three additional satellites under construction, and a robust global teleport and fiber infrastructure. The latter has been integrated with the company's fleet of satellites and will provide users with a range of advanced network solutions.

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