FILE PHOTO: Telesat CEO Dan Goldberg poses for a photo at the offices of Telesat, a Canadian satellite communications company, in Ottawa, Ontario, Canada March 24, 2021. Picture taken March 24, 2021. REUTERS/Blair Gable/File Photo
OTTAWA (Reuters) -Telesat took a major step toward financing its low earth orbit (LEO) satellite constellation that aims to provide high-speed broadband after Canada on Thursday said it would invest C$1.44 billion ($1.2 billion) in the project.
Canada said it will loan Telesat, an Ottawa-based satellite communications firm, C$790 million, while purchasing C$650 million in preferred stock in the LEO unit, called Telesat Lightspeed. Canada will also receive warrants that can be exchanged for common shares in Telesat.
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