Arabsat acquires majority in Hellas Sat

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.


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