European satellite operator Eutelsat has closed its US$831 million (€609 million) acquisition of Latin American rival Satélites Mexicanos (Satmex), securing 100% ownership of the firm.
The deal, which was first announced last July, closed after Eutelsat obtained all required government and regulatory approvals and last month secured a €930 million of six-year senior unsecured bonds.
“With the acquisition of Satmex, Eutelsat is significantly upscaling activity in the Americas to complement our strong presence in fast-growing markets,” said Eutelsat Chairman and CEO Michel de Rosen.
“Satmex’s strategic orbital slots, which will be expanded in 2015 with two further high-performance satellites, bring Eutelsat a robust platform from which to access significant opportunities in this region. They will be further complemented by the EUTELSAT 65 West A satellite that we will launch in advance of the 2016 Olympic Games in Rio de Janeiro to serve video and broadband markets in Latin America.”
Last year, Eutelsat agreed to buy Satmex for US$831 million and take on its US$311 million net debt, giving the deal an enterprise value of US$1.14 billion.
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