Greek satellite operator Hellas Sat has secured a 20-year extension for its 39E orbital slot in a move that will help its cash-strapped owner sell the asset.
This extension enables the company’s use of the position until 2041, clearing the way for…
Greek satellite operator Hellas Sat has secured a 20-year extension for its 39E orbital slot in a move that will help its cash-strapped owner sell the asset.
This extension enables the company’s use of the position until 2041, clearing the way for future investment and development, according to Hellas Sat MD Christodoulos Protopapas.
Hellas Sat is currently owned by OTE, Greece’s telecoms incumbent. OTE has said it is looking to sell the satellite asset to concentrate on its core business, as the country’s economy battles with its hard-hitting recession.
In March 2012, OTE CEO Michael Tsamaz was cited saying it was targeting a deal within the next six months, with a sale figure of between €100m and €150m.
Earlier this year, OTE, which is itself majority-owned by German telecoms giant Deutsche Telekom, said it was also eyeing a sale to help refinance its debt, of which around €3.4bn is due to mature in 2014.
Luxembourg-based SES has publicly indicated interest in Hellas Sat, although CEO Romain Bausch has flagged political issues that could block a foreign company’s approach for the group. Other potential bidders are understood to include France’s Eutelsat and Israel’s Spacecom. Neither was able to comment on the matter.
Hellas Sat operates one Ku-band satellite at 39E called Hellas Sat-2, which was launched in May 2003. The asset’s value is therefore linked to its orbital position and regulatory allocations.
In April, Hellas Sat announced that its 2011 EBITDA had increased 8.4% on the year to €23.4m, compared with €21.4m for 2010. Its net profit soared 17.4% on the year to reach €11.3m for 2011.