Loral Space & Communications has reportedly hired investment bank Perella Weinberg Partners to advise on the sale of satellite communications business Telesat, which has drawn private equity interest.
Loral is playing a key role in the process and its independent directors have hired Perella to advise them because of the possibility of conflicts, said Reuters, citing people close to the matter.
The company, which holds a majority interest in Telesat, has been working with Credit Suisse Group to find a buyer, according to the report.
Telesat, which is also backed by Canadian Public Sector Pension Investment Board (PSPIB), has drawn interest from private equity firms KKR, Apax and Onex Corp.
It was previously reported that Loral and PSPIB were looking to sell the business for $6.5bn and a deal could be sealed by April.
Private equity firms considered making offers for Telesat when it ran a failed auction in 2011 and the company is already priced for a sale, according to the report.
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