RESTON, Va.-Mobile Satellite Ventures said it has selected Evercore Partners to provide financial, fund-raising and strategic advisory services.
The company said the selection follows the Federal Communications Commission’s rulemaking on the provision of hybrid terrestrial-satellite networks using ancillary terrestrial component as well as the recent award of four omnibus patents for ATC technology. Those two events, said MSV, have led to increased funding and partnership opportunities for the company.
In related news, Motient Corp. this week said it raised about $391 million in a private placement of 408,500 shares of nonvoting series A cumulative convertible preferred stock sold at $1,000 each.
The company said it plans to use the funds to purchase newly issued common stock of TerreStar Networks Inc., a subsidiary owned 97 percent by MSV. Motient is an investor in MSV.
The TerreStar common stock purchase would occur in connection with a spinoff of TerreStar to the limited partners of MSV. Motient would gain a majority interest in the company following the purchase.
The companies have not yet entered a definitive agreement regarding an investment by Motient.
