Space And Business Review - February 2013
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 Arabsat's broader stated plans to grow from a regional to a major global satellite operator.
DigitalGlobe and GeoEye Complete Merger
On January 31, DigitalGlobe, Inc. (DigitalGlobe) and GeoEye, Inc. (GeoEye) announced the consummation of the merger of the two companies. The combined company, which will operate under the DigitalGlobe name, has a market capitalization of $2.1b and boasts improved qualities, such as a more diverse revenue base, a larger satellite constellation, more efficient imagery collection, processing and analytics capabilities and a stronger financial profile. In connection with the merger, GeoEye discharged, and called for redemption of, all of its 75 outstanding 9.625% Senior Secured Notes due 2015 and 8.625% Senior Secured Notes due 2016 while DigitalGlobe entered into new senior secured credit facilities in the aggregate amount of $700m. DigitalGlobe's new senior secured credit facilities consist of a term loan facility in the amount of $550m and a revolving credit facility in the amount of $150m. DigitalGlobe used the full amount of the term loan facility to fund its combination with GeoEye but had not drawn under the revolving credit facility at the time of completion of the merger.
Arabsat's Badr-7 to Host EMC Payload
On February 18, Emerging Markets Communications, LLC (EMC) and Arabsat announced an agreement for Arabsat to host a Ka-band payload for EMC aboard Arabsat'splanned Badr-7 satellite. EMC will use the Ka-band payload, designed and...
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