Satellite News

Europe’s planned Galileo satellite navigation system is over budget and behind schedule. While this isn’t really news, it has now turned out that it will be unprofitable for years, Financial Times Deutschland claims.

Iridium Communications Inc. announced that it has signed the definitive Coface Facility Agreement to finance its next-generation satellite constellation, Iridium NEXT.
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Astrium said it will acquire Jena-Optronik, a German specialist in space sensors and optical systems.
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U.S. hedge fund Harbinger Capital Partners said it intends to sell almost half its 28 percent stake in Inmarsat and ruled out making an offer for the firm.
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Thales SA and OHB Technology AG may sign the Meteosat Third Generation (MTG) weather-satellite contract with the European Space Agency at the end of September, La Tribune reported, without citing anyone. The role of German companies in the project has reportedly been expanded after complaints from Berlin.

A company backed by the Permira funds, along with the Asia Broadcast Satellite (ABS) management team, has reached an agreement to acquire Kingsbridge Limited, the holding company for ABS. The Permira funds will become the majority shareholder of ABS.
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The EU Commission is not providing sufficient support to the European space industry, Astrium chairman Francois Augue said in an interview with Les Echos.
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COM DEV International Ltd. reported third quarter financial results for the three month period ending 31 July 2010. It also announced a decision to exit certain products and to cut its work force by five percent.
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