NEW YORK (TheStreet) -- Loral Space & Communications (LORL) shares are up 5.0% to $73.58.
The move higher follows a Bloomberg report that the Ontario Teachers' Pension Plan is the front-runner to acquire the satellite communications company for $7 billion including debt.
The sale could be completed for over $80 per share according to Bloomberg's source.
The potential deal would be completed in two phases, with the Ontario Teacher's Pension Plan purchasing Loral -- which owns 63% of the company -- then acquiring the rest of the company from Canada's Public Sector Pension Investment Board, which co-owns the company.
The source said that the deal could be completed in late April or early March.