Lockheed to sell COMSAT stake
Lockheed Martin is to sell its 81 percent stake in COMSAT International’s operations in Latin America less than two years after it acquired the equity.
Payment terms for the sale to World Data Consortium, a Washington, DC-based, telecommunications investment firm, were not disclosed.
Lockheed Martin acquired COMSAT International through its Lockheed Martin Global Telecommunications unit in 2000. Last December, Lockheed Martin, a $24BN space, aeronautics and technology services firm, decided to exit the global telecommunications services business.
Vance Coffman, chairman and chief executive officer of Lockheed Martin, said, "This transaction marks the latest step by Lockheed Martin to divest non-core businesses in a prudent but timely manner. Since our decision six months ago to curtail our global telecommunications services activities, the Corporation also has sold its mobile telecommunications unit and announced the sale of its World Systems satellite business, both formerly part of the COMSAT transaction.”
COMSAT International provides data and voice services to companies and teleco carriers in Latin American markets including Argentina, Brazil, Colombia, Mexico, Peru and Venezuela. The company has functioned in Latin America since 1990, offering an integrated managed fibre, wireless and satellite network carrying domestic, regional and international telecommunications services.