Willkie Advises Loral Space In Sale Of Satellite Manufacturing Unit In Deal Valued At Over $1 Billion

Friday, June 29, 2012 - 15:36

On June 26, longtime Willkie client Loral Space & Communications Inc. announced it has entered into a definitive agreement to sell wholly owned subsidiary Space Systems/Loral, Loral’s satellite manufacturing unit, to Canada-based MacDonald, Dettwiler and Associates Ltd. for $875 million and cash dividends and other payments from SS/L which are expected to be in excess of $135 million. Headquartered in New York City, Loral is a world-class leader in the design and manufacture of satellites and satellite systems for commercial and government applications, including fixed satellite services, direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management. MDA delivers a broad spectrum of information solutions, including complex operational systems, tailored information services and electronic information products for business and government organizations worldwide.

In previous years, Willkie advised Loral in the $2.96 billion acquisition of Telesat Canada and in the $1.1 billion sale of six North American telecommunications satellites to Intelsat, Ltd.

The current deal was handled by the following: Corporate - partners Maurice Lefkort, A. Mark Getachew and William Hiller and associates Delano Ladd, Jared Nicholson, David Marley and John Knapke; Benefits - special counsel Peter Allman and associate Jordan Messinger; Regulatory - partners Theodore Whitehouse and David Tayar and special counsel David Park and Jonathan Konoff; Intellectual Property - special counsel Kim Walker and associate Meghan Hungate; Real Estate - Steven Rosenzweig and Owen Reidy; and Environmental - of counsel William Thomas and associate Johanna Hickman. 

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On June 13, MFY Legal Services, Inc., which provides free legal assistance to indigent New Yorkers, honored Willkie at the MFY Annual Dinner for the firm’s significant pro bono contributions. Willkie, one of two firms to be honored, was recognized for its overall dedication and long-standing support for MFY and the variety of services it provides. Willkie has participated in MFY’s externship program for more than 10 years through which, on a rotating basis, the firm maintains a full-time attorney permanently on assignment at MFY. The externship is one of the oldest and most successful of its kind among large New York firms.

The award was accepted on behalf of the firm by partner Martin Klotz. Partner Tariq Mundiya, who currently serves on MFY’s board of directors, and some recent Willkie externs participated in a short film highlighting the work and achievements of MFY and its supporters, which was screened at the awards ceremony. Willkie has also previously been honored with MFY’s Scales of Justice Award.