"Net-in-the-Sky's New Partners"
Teledesic LLC and Motorola (MOT) Thursday announced
they will become partners in the further development and
deployment of Teledesic's global, broadband
"Internet-in-the-Sky" satellite communications system.
Boeing (BA), the aerospace company, and Matra Marconi
Space, a European satellite manufacturer, will round out
the team of founding industrial partners.
Motorola will be the prime contractor in the effort to engineer and construct the world's first advanced telecommunications network to provide high-speed data connections to businesses, institutions, and individuals everywhere on Earth.
Motorola CEO Christopher Galvin said, "This is a natural fit of core
competencies, know-how, and vision. Rather than continuing along our separate paths, we're combining our best efforts to deliver a new generation of broadband communications services to people around the world."
Motorola will receive a 26 percent stake in Teledesic for a
combination of cash and the value of design and development work that it will redirect from Celestri to the new joint effort.
Motorola's total investment has a $750 million valuation. |
