MEXICO CITY – Eutelsat Communications announced the completion of its purchase of 100 percent of Satelites Mexicanos for $831 million.The deal, which received regulatory approval, was financed through a successful 930 million euro ($1.265 billion) bond issue last month, Paris-based Eutelsat said in a statement.
“With the acquisition of Satmex, Eutelsat is significantly upscaling activity in the Americas to complement our strong presence in fast-growing markets,” Eutelsat Chairman and CEO Michel de Rosen said.
“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,” he said.
Eutelsat plans to launch another satellite ahead of the 2016 Olympics in Rio de Janeiro to serve the Latin American video and broadband markets.
“Joining Eutelsat enhances our offering to our high-quality customers and strengthens our ability to capture new opportunities in one of the fastest-growing regions in the satellite sector,” Satmex chief Patricio Northland said.
Satmex, founded as a public company in 1989 and later privatized, operates three satellites and reaches more than 90 percent of the population of the Americas.
The Mexican government approved the sale of Satmex in January 2011 to a private investment group that agreed to pump $294 million into the company to keep it in business.
Satmex was forced to file for bankruptcy protection after piling up $500 million in debt, most of which was held by foreign investors.
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