BETHESDA, Md.-Comsat Corp. said its stockholders approved the proposed merger with Lockheed Martin Corp.
About 99 percent of votes cast were in favor of the merger. Upon obtaining the necessary regulatory approvals and legislative action, Comsat will become a part of Lockheed Martin Global Telecommunications, a wholly owned subsidiary formed by Lockheed Martin to provide satellite and terrestrial networks for corporate government customers worldwide.
In the first phase of the transaction, Lockheed Martin has agreed to purchase up to 49 percent of Comsat’s outstanding common stock at a price of $45.50 per share in cash.
