Arabsat Acquires Majority Stake in Hellas-Sat
On February 7, the Arab Satellite Communications
Organization (Arabsat),and the Hellenic
Telecommunications Organization SA (OTE) signed an
agreement for the acquisition by Arabsat, through wholly-owned
subsidiary Arabsat Cyprus Ltd., of
OTE's 99.05% equity stake in Hellas-Sat Consortium
Ltd. (Hellas-Sat)for a purchase
price of approximately $281m.The transaction, which remains subject
to regulatory approvals, is expected to close during Q2 2013.
Hellas-Sat currently operates the Hellas-Sat
2 satellite, which provides coverage to Europe, the
Middle Eastand South Africa, and maintains the exclusive right to
use the 39°E orbital slot and all of its associated frequencies
from Greece and Cyprus. Arabsat has already announced plans for a
new satellite, Hellas-Sat 3, to replace
Hellas-Sat 2 and provide additional capacity at 39°E for
existing and future customers. Arabsat's acquisition of
Hellas-Satfalls in line with
