Space Business Review - July 2013

A monthly round-up of space industry developments for the information of our clients and friends.

EUTELSAT ACQUIRES SATMEX

On July 31, Eutelsat Communications S.A. (Eutelsat) announced an agreement to acquire 100% of Satélites Mexicanos S.A. de C.V. for approximately $1.14b in cash, financed through a dedicated bridge facility. The acquisition, which is pending government approvals but is expected to close by year's end, advances Eutelsat's global expansion strategy by establishing the company as a major satellite operator in Latin America.

ABERTIS TAKES CONTROL OF HISPASAT

On July 25, Abertis Infraestructuras S.A. (Abertis) announced an agreement with Spain's National Institute of Aerospace Technology (INTA) for the acquisition of INTA's 16.42% equity interest in Hispasat, S.A. for approximately $228.8m. The transaction, which remains subject to Spanish government approval, increases Abertis' stake in Hispasat to 57.05%. The balance of Hispasat's equity is held by Eutelsat S.A., with 33.69%, and two Spanish government institutions, with 9.26%. To date, Abertis has made a total investment of roughly $630m for its controlling stake in Hispasat.

KYMETA $50M SERIES C FINANCING

On July 9, Kymeta Corporation (Kymeta) announced that it has closed a $50m Series C financing to fund its continued growth with participation from existing stakeholders Bill Gates, Lux Capital Management LLC and Liberty Global, Inc. and new investors Osage University Partners and the Kresge Foundation. Kymeta is a manufacturer of satellite communications antennas and is currently developing patented metamaterials that will enable antenna beam steering without any moving parts.

PHILLIP SPECTOR JOINS MILBANK

Milbank is pleased to announce that Phillip L. Spector has joined the Firm as Of Counsel, resident in the Washington, D.C. office. A widely recognized attorney and business executive in the satellite and telecommunications industries, Mr. Spector most recently served as Executive Vice President, Business Development, and General Counsel of Intelsat S.A., and before that was in private practice. He has extensive experience with strategic ventures, m&a, financings, procurements, government affairs and corporate governance matters.

JULY SATELLITE ORDERS

June 28 - The Indian government announced that it has approved a proposal from the Indian Space Research Organisation (ISRO) for the development of the GSAT-15 and GSAT-16 satellites, to be manufactured by ISRO and...