House Clears Lockheed Deal for Comsat Corp.

Washington--The U.S. House unanimously approved sweeping international satellite legislation Thursday that will let Lockheed Martin Corp., the largest U.S. defense contractor, complete its purchase of Comsat Corp.

The bill’s main focus is to force Intelsat, a global, inter-governmental satellite organization, to become a publicly traded company that operates with the same conditions as any other company. Intelsat is chiefly used to transmit international phone calls and television signals.

The measure also lifts a 1962 restriction that prevents a company from controlling more than 49% of Comsat. Lockheed bought 49% of Comsat last September for $1.2 billion, and has lobbied to lift the restrictions to buy the remainder.