September 21, 2012 / 3:07 AM / 5 years ago

MDA-Loral satellite deal clears U.S. national security hurdle

1 Min Read

TORONTO, Sept 20 (Reuters) - The U.S. Committee on Foreign Investment has approved the proposed sale of Loral Space and Communications Inc's satellite manufacturing arm to Canadian rival MacDonald, Dettwiler and Associates Ltd, Loral said late on Thursday.

The deal still needs crucial approval from anti-trust regulators in the United States, which last week asked for additional information on the proposed deal. Some analysts believe this could jeopardize both the timing of the deal and the likelihood of its closing.

The Committee on Foreign Investment in the United States, or CFIUS, found no national security concerns with respect to the $875 million transaction, MacDonald, Dettwiler and Associates said in a separate statement.

Macdonald Dettwiler hopes the deal, struck in June, will boost its position in the communications market, and help it win business with commercial and government clients.

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