[Satellite TODAY 02-08-13] Arabsat has reached a deal with South Eastern Europe telecom group, Hellenic Telecommunication Organization for the acquisition of its 99.05 percent equity participation in Hellas-Sat Consortium.

   The agreement was signed upon an aggregate consideration of 208 million euros representing the 99.05 percent of an enterprise value of Hellas-Sat, amounting to 157 million euros, which corresponds to seven 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 euros. The transaction is scheduled for completion by the second quarter of this year.

   Hellas-Sat has the exclusive use of the orbital position of 39 degrees east and all associated radiofrequencies from the Hellenic Republic and the Republic of Cyprus. The company operates the Hellas-Sat 2 satellite, which, besides Europe, covers the Middle East and South Africa.

   The move comes as part of Arabsat’s plans to expand to new markets from a regional to a global satellite operator by 2020, according to the company’s President and CEO, Khalid A. Balkheyour. Besides the acquisition, Arabsat is working on three new satellites expected by 2016.