Satmex sale nearing conclusion

30 May 2007

BNamericas reveals that the sale of satellite operator Satmex is in its final stages, with bids due to be handed in today, while the outcome could be made public as eary as next week. Satmex’s restructuring advisor Thomas Heather told the news agency that once the bids are received, they will be passed on to Morgan Stanley, the US investment bank in charge of the sale. The minimum price for the bid is set at USD500 million – including the company’s debt of around USD378 million – giving a 100% share in the company, including portions previously owned by Mexico’s government. However, to comply with Mexican law, 51% of the voting power must remain in the hands of a Mexican firm.