Hellenic Telecommunications Organization SA Sells Hellas Sat

Friday, 8 Feb 2013 02:06am EST 

Hellenic Telecommunications Organization SA (OTC) announced that it has signed an agreement to sell its 99.05% stake in Hellas Sat which manages the HellasSat2 satellite, to Arabsat Cyprus Ltd, 100% subsidiary of Arab Satellite Communications Organization and the satellite services provider in the Middle East and Africa. OTE will receive total proceeds of EUR 208 million from the sale of its share in Hellas Sat, In addition, to EUR 7 million as dividends. The transaction is expected to be completed in Q2 2013 after all necessary procedures have been finalized and is subject to approval by the competent authorities. 

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