Eutelsat Communications acquires SATMEX for EUR1,142m
Jul 31, 2013 (M2 EQUITYBITES via COMTEX) --
Satellite operator Eutelsat Communications (Paris: ETL)(FRA:E3B.F) announced today an agreement to acquire 100% of Satelites Mexicanos S.A. de C.V (Satmex) for an enterprise value of USD1,142m.
Under the terms of the agreement, Eutelsat will acquire 100% of the share capital of Satmex for USD831m. Based on Satmex's reported net debt of USD311m at 31 March 2013, this price corresponds to an enterprise value of USD1,142m.
According to the company, this acquisition, together with the recently ordered EUTELSAT 65 West A satellite, will position it as a major satellite operator in Latin America.
Satmex, based in Mexico, operates three satellites at contiguous positions, 113.0deg West (Satmex 6), 114.9deg West (Satmex 5) and 116.8deg West (Satmex 8) that cover 90% of the population of the Americas. Also, it benefits from frequency rights in C and Ku-bands and was granted Ka-band rights in 2012.
Reportedly, in 2012, Satmex's FSS business generated revenues of USD111.8m and USD89.1m in adjusted EBITDA.
This transaction is expected to close by the end of 2013, subject to government and regulatory approvals and other customary conditions.
Perella Weinberg Partners served as financial advisors to Eutelsat, while Debevoise & Plimpton LLP, Mijares, Angoitia, Cortes y Fuentes S.C. and Hamelink & Van den Tooren N.V served as its legal advisors.
Comments on this story may be sent to email@example.com
[ Back To TMCnet.com's Homepage ]