NEW YORK-Globalstar Telecommunications Ltd. said five of its founding partners are purchasing 5.2 million shares of GTL common stock for $56 million.
Loral Space & Communications, Vodafone, Qualcomm Inc., Elsacom and TE.SA.M agreed to purchase the stock for $10.71 per share. Loral is purchasing $12 million of the total. ChinaSat, a sixth partner, also indicated an intent to purchase an additional $12 million in GTL shares upon government approval, Globalstar said.
Globalstar will use the proceeds for general corporate purposes. The transaction is expected to close Sept. 29.
