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SES Global invests in Orbcomm
Posted: Thu, Feb 26, 2004, 5:53 PM ET (2253 GMT)
Satellite operator SES Global announced this week that it has made a strategic investment into Orbcomm, the owner of a communications satellite constellation. SES Global, based in Luxembourg, revealed that it acquired a nine-percent interest in Orbcomm for an unspecified price. The deal was part of an overall $26-million investment round; German satellite manufacturer OHB Technology, two investment firms, and several existing investors, including the company's senior management, also participated in the funding round. Orbcomm plans to use the additional funding to expand into new markets. SES will also assist Orbcomm in the development of a new satellite constellation. The company uses a constellation of nearly three dozen small satellites in low Earth orbit to provide low-data-rate communications services. The company, originally a joint venture between Orbital Sciences Corporation and Teleglobe Canada, was forced to file for Chapter 11 bankruptcy protection in 2000, shortly after its satellite constellation was fully deployed; the company emerged from Chapter 11 in 2002 under new ownership.
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