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Aerospace and defense giant Lockheed Martin Corp. has agreed to buy Comsat Corp., a government-sanctioned company that provides access to international satellite networks, in a cash and stock deal valued at $2.7 billion.
The deal announced Sunday is subject to approval by Comsat shareholders and Federal Communications Commission. It is expected to be completed by the end of 1999.
Under the first phase of the deal, Lockheed will buy up to 49 percent of outstanding Comsat stock for $45.50 per share in cash, a 33 percent premium over Comsat’s closing value Friday of $34.125 on the New York Stock Exchange.
