OTE continues sell-offs with satellite business

23 Jan 2012

Greek incumbent telco OTE has decided to sell its satellite division Hellas Sat as part of its attempts to offset repercussions from Greece’s economic crisis. As reported by AFP, OTE’s CEO Michael Tsamaz told a news conference that the group is devoting its efforts to refinancing EUR5 billion (USD6.5 billion) in debt due by 2014, and warned that ‘if there is no change to the banking system, we will have to take [additional] measures to face the situation.’ OTE – part-owned by Deutsche Telekom – has thus far opted for a programme of salary cuts and cutting the working week from 40 to 35 hours, avoiding large-scale redundancies. OTE, which reported a 17.3% slump in Q3 profits, also recently announced the sale of its 20% stake in Telekom Srbija. TeleGeography’s GlobalComms Database notes that the group’s satellite service provider Hellas Sat has pan-European coverage but focuses on Greece and Cyprus.

Greece, Cosmote