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OTE to sell satellite unit to Arabsat for EUR 208 mln
2013-02-08 09:04:00| Telecompaper Headlines
(Telecompaper) Greek operator OTE has agreed to sell its satellite unit Hellas Sat to Saudi Arabia-based Arabsat for EUR 208 million. The deal values the company at EUR 157 million, or 7 times EBITDA for 2012, plus Hellas Sat's cash of EUR 53.4 million. OTE CEO Michael Tsamaz said in a statement said that the value of the deal was "satisfying". The transaction is expected to be completed in the second quarter, pending regulatory approval. Hellas Sat has the exclusive use of the orbital position of 39 degrees East and all associated radio frequencies from Greece and Cyprus. It operates the Hellas-Sat 2 satellite, with wide coverage of Europe, the Middle East and South Africa. The company has over 100 customers in 26 countries.
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Category:Telecommunications