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Arabsat acquires majority in Hellas Sat
February 7, 2013 19.53 Europe/London By Robert Briel
Arabsat has signed an agreement with the Hellenic Telecommunication Organization (OTE) for the acquisition of its 99.05% equity participation in Hellas Sat Consortium (Hellas Sat).
The share purchase agreement was signed upon an aggregate consideration of €208 million, representing the 99.05%, of: an enterprise value of Hellas Sat, amounting to €157 million, which corresponds to 7 times the EBITDA of Hellas Sat for 2012, and the cash held by Hellas Sat on the date of completion of the transaction, estimated at €53.4 million.
Hellas Sat has the exclusive use of the orbital position of 39 degrees East and all associated radio frequencies from the Hellenic Republic and the Republic of Cyprus. The company is the operator of the Hellas-Sat 2 satellite, one of the most powerful satellites with wide European coverage. Apart from Europe, the satellite Hellas Sat 2 covers the Middle East and South Africa and has a portfolio of over 100 customers in 26 countries.
The transaction was conducted through Arabsat Cyprus, a 100% subsidiary of Arabsat, and is expected to be completed by Q2 2013 after all necessary procedures have been finalized and is subject to approval by the competent authorities.
Khalid A. Balkheyour, president and CEO of Arabsat commented: “This step outlines Arabsat’s determination to pursue its strategic plan to grow its resources in terms of expanding to new orbital slots and new frequency rights, and to enter new markets. In 2012, Arabsat has presented before the satellite industry its vision to move from regional to global and become one of the top 5 satellite operators in the world by the year 2020. This transaction, in addition to the new 6th satellite generation program encompassing the design, manufacturing and launch of 3 new satellites from now until 2016 proves that Arabsat is on the right track to achieve its vision”.
Mr. Balkheyour also noted: “Our commitment to sustain and grow the business in Greece and Cyprus will manifest itself through the rapid design, manufacturing and launch of the new satellite, HS-3, which we envision to be one of the largest satellites in Europe. This would enhance Hellas Sat’s competitive advantage at its hotspot at 39 degrees East with more capacity for existing and future customers. I want also to thank our partners, The Hellenic Aerospace Industry (HAI), one of the current minority shareholders of Hellas Sat, that will remains in the new shareholding structure of the company ”.
February 7, 2013 19.53 Europe/London By Robert Briel
Arabsat has signed an agreement with the Hellenic Telecommunication Organization (OTE) for the acquisition of its 99.05% equity participation in Hellas Sat Consortium (Hellas Sat).
The share purchase agreement was signed upon an aggregate consideration of €208 million, representing the 99.05%, of: an enterprise value of Hellas Sat, amounting to €157 million, which corresponds to 7 times the EBITDA of Hellas Sat for 2012, and the cash held by Hellas Sat on the date of completion of the transaction, estimated at €53.4 million.
Hellas Sat has the exclusive use of the orbital position of 39 degrees East and all associated radio frequencies from the Hellenic Republic and the Republic of Cyprus. The company is the operator of the Hellas-Sat 2 satellite, one of the most powerful satellites with wide European coverage. Apart from Europe, the satellite Hellas Sat 2 covers the Middle East and South Africa and has a portfolio of over 100 customers in 26 countries.
The transaction was conducted through Arabsat Cyprus, a 100% subsidiary of Arabsat, and is expected to be completed by Q2 2013 after all necessary procedures have been finalized and is subject to approval by the competent authorities.
Khalid A. Balkheyour, president and CEO of Arabsat commented: “This step outlines Arabsat’s determination to pursue its strategic plan to grow its resources in terms of expanding to new orbital slots and new frequency rights, and to enter new markets. In 2012, Arabsat has presented before the satellite industry its vision to move from regional to global and become one of the top 5 satellite operators in the world by the year 2020. This transaction, in addition to the new 6th satellite generation program encompassing the design, manufacturing and launch of 3 new satellites from now until 2016 proves that Arabsat is on the right track to achieve its vision”.
Mr. Balkheyour also noted: “Our commitment to sustain and grow the business in Greece and Cyprus will manifest itself through the rapid design, manufacturing and launch of the new satellite, HS-3, which we envision to be one of the largest satellites in Europe. This would enhance Hellas Sat’s competitive advantage at its hotspot at 39 degrees East with more capacity for existing and future customers. I want also to thank our partners, The Hellenic Aerospace Industry (HAI), one of the current minority shareholders of Hellas Sat, that will remains in the new shareholding structure of the company ”.