SkyTerra Communications, Inc. (OTC:SKYT) has been acquired by an affiliate of Harbinger Capital Partners. The private transaction closed at a price of $262.5 million in cash, or $5.00 per share. The price was based on the conditions of a previously disclosed merger agreement that was entered on September 23, 2009. The transaction’s value was stated as $1.849 billion, excluding the company’s outstanding debt and securities that are held by Harbinger affiliates. 91% of the company’s outstanding shares voted in favor of the merger agreement.
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SkyTerra Communications, Inc. (SkyTerra) operates its business through its subsidiary, SkyTerra LP, which operates a next generation satellite system in the 1.5 to 1.6 gigahertz (GHz) frequency band (the L-band). The Company offers a range of mobile satellite communications services using two nearly identical in-orbit geostationary satellites that support the delivery of data, voice, fax and dispatch radio services to a number of vertical markets in the United States, Canada and Mexico. The Company is developing an integrated satellite and terrestrial communications network to provide ubiquitous wireless broadband services, including Internet access and voice services, in the United States and Canada. On September 23, 2009, SkyTerra entered into a merger agreement with Sol Private Corp., Harbinger Capital Partners Master Fund I, Ltd. (Master Fund) and Harbinger Capital Partners Special Situations Fund, L.P.
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