ATHENS Feb 7 Greece's biggest telecoms operator
OTE said on Thursday it agreed to sell its satellite
unit Hellas SAT to Saudi Arabia-based Arabsat for 208 million
euros as part of measures to cut its debt.
OTE, managed and partly-owned by Germany's Deutsche Telekom
, has been cutting costs and selling assets to cope
with its debt load amid a severe austerity-fuelled recession in
its two biggest markets, Greece and Romania.
"We achieved a significant agreement," said OTE's Chief
Executive Michael Tsamaz in a statement adding that the value of
the deal was "satisfying".
The transaction is expected to be completed in the second
half of the year, OTE said in a statement.
Standard and Poor's on Monday upgraded OTE's credit rating
after the company sold 700 million euros ($937 million)of new
bonds on Jan.30, in a sign of debt markets gradually opening for
the cash-strapped country's firms.
OTE has also said it plans to sell its Bulgarian unit
Globul, but sources have said that it might reconsider the sale
after the successful bond issue last month.
($1 = 0.7469 euros)
(Reporting by Harry Papachristou, editing by William Hardy)