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SkyTerra acquired, to go private
Posted: Thu, Sep 24, 2009, 7:42 AM ET (1142 GMT)
Mobile satellite operator SkyTerra announced Wednesday that it is being acquired by Harbinger Capital Partners, who will take the publicly-traded company private. Harbinger will pay $5 a chare for SkyTerra stock; shares closed the day before at $3.40. SkyTerra currently operates two satellites that provide mobile voice and data services in North America with two satellites. The company has two advanced satellites on order from Boeing that, coupled with a planned terrestrial network, would provide additional, higher-bandwidth services. Harbinger, which already owned nearly half of SkyTerra prior to this deal, also has stakes in TerreStar and Inmarsat, two other mobile satellite communications companies.
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