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. Last Updated: 07/27/2016

COMSAT Purchased

WASHINGTON -- Weapons giant Lockheed Martin Corp. completed its $2 billion purchase of COMSAT Corp. on Thursday in a move that could give it a big role in the global communications marketplace.

Lockheed completed the deal after receiving final approval Monday from the U.S. Federal Communications Commission to buy the 51 percent of COMSAT shares it did not already own.

COMSAT is the U.S. signatory to INTELSAT, the 143-member intergovernmental satellite consortium planning to privatize next April 1. It will continue in that role until privatization of INTELSAT.

The transaction took nearly two years because it required Congress to amend the Communications Satellite Act of 1962, which barred an outside party from owning more than 49 percent of quasi-governmental COMSAT.