The Public Sector Pension Investment Board(PSPIB)and Loral Space & Communications are buying Telesat from BCE for $3.42 billion.

The sale is contingent on approval in Canada and the United States and is expected to be completed by the middle of next year.

In October, PSPIB announced it would acquire Retirement Residences Real Estate Investment Trust for $2.8 billion.

The fund manages pension funds for employees in the Canadian Forces, the Royal Canadian Mounted Police and the federal public service.

To comment on this story email brooke.smith@rci.rogers.com.