LINCOLNSHIRE, Ill.—Motient Corp. increased its ownership of TerreStar Networks Inc. from 54.3 percent to 55.1 percent, according to an 8-K filing the company made.
The transaction involved Motient Ventures Holding Inc., a wholly owned subsidiary of Motient Corp., purchasing more than 700,000 shares of TerreStar common stock for $21.4 million.
TerreStar is building a satellite network with plans to integrate terrestrial services to offer wireless services throughout the United States and Canada. Motient, which recently sold off its terrestrial wireless holdings, has been refocusing on the satellite space and since May has been working with SkyTerra Communications to consolidate the ownership of Mobile Satellite Ventures L.P. and TerreStar Networks Inc. The consolidation will lead to SkyTerra controlling MSV and Motient controlling TerreStar, according to Motient company statements.
