OTE sells satellite division to Arabsat

8 Feb 2013

Reuters reports that Greek telecoms group OTE yesterday agreed to sell its satellite unit Hellas Sat to Saudi Arabia-based Arabsat for EUR208 million (USD281 million) as part of measures to cut its debt. The transaction is expected to be completed in the second half of the year, OTE said in a statement. OTE has also revealed plans to sell its Bulgarian mobile operating subsidiary GloBul, but sources have said that it might reconsider the sale after a successful EUR700 million bond issue last month.

Greece, Cosmote