The comp keeps moving along, would be nice it Loral would take a step or two.
Jeff Vayda
Company Press Release
SOURCE: Astrolink LLC
Astrolink and Partners Close $900 Million Equity
Investment to Provide Global Broadband Services Via
Satellite
BETHESDA, Md., July 21 /PRNewswire/ -- Lockheed Martin Global Telecommunications, TRW, Telespazio and Astrolink
LLC today announced they have reached a strategic milestone by closing an equity investment that allows Astrolink to provide
the world's first global, on-demand, wireless broadband service to enterprises and consumers worldwide.
(Photo: newscom.com )
As a result of the agreement, Astrolink has received $900 million in cash equity, which was announced in May 1999. Lockheed
Martin Global Telecommunications owns 46% of the new company, TRW and Telespazio, a company of the Telecom Italia
Group, each own 27% of Astrolink.
This milestone comes after a series of necessary approvals from the European Union and the U.S. State Department dealing,
respectively, with matters including the competitive impact of Astrolink in the European market and technology transfer
between companies of the United States and those of Europe.
``We are extremely pleased to have completed this transaction that clearly illustrates the level of confidence and desire our
partners have in working together,' said Celso Azevedo, president and CEO of Astrolink, following yesterday's signing
ceremony at Astrolink's headquarters in Bethesda. ``The documents are signed, sealed and delivered, and Astrolink now is an
independent company poised to be 'first to market' on a global scale. Now is the time to focus on building our network,
developing our business, and completing our negotiations with additional strategic equity partners,' he continued.
The annual potential for all global broadband services is expected to grow to nearly US$200 billion by 2005, and space-based
broadband services will capture 10-15 percent of that market. ``Astrolink expects to take a significant percentage of the
space-based broadband service market,' said Azevedo.
Based in Bethesda, Maryland, Astrolink will focus on the high-growth area of global broadband data services, including
high-speed Internet access, corporate data networks and multimedia applications. Customers will be able to install small
satellite dishes at businesses and homes, allowing quick and efficient connection to high-speed networks.
Astrolink will provide broadband, multimedia services to businesses and consumers worldwide beginning in 2003. Astrolink
will also market its services through Internet, telecom and information technology service providers around the world.
SOURCE: Astrolink LLC |
