SkyTerra Communications has announced that it had completed its previously announced acquisition of BCE's stake in Mobile Satellite Ventures LP (MSV). In connection with the transaction, SkyTerra issued approximately 22.5 million shares of its non-voting common stock to BCE in exchange for approximately 8.0 million limited partnership interests in MSV and the corresponding shares in the corporate general partner, reflecting the same exchange ratio used in the recent transactions with MSV's other partners.
SkyTerra now is the sole owner of MSV's general partner and approximately 83 percent of the outstanding limited partnership interests of MSV, prior to dilution for management options.
SkyTerra's ownership will increase to 100 percent of the limited partnership interests of MSV, prior to dilution for management options, upon completion of the remaining exchanges under the existing agreement with the Motient Corporation.
Alex Good, CEO and President of SkyTerra and MSV, said, "We are pleased to have completed the simplification of the ownership and control structure of our MSV subsidiary. We believe this will provide MSV with improved liquidity, access to capital, and a more attractive platform for partners."
