Eutelsat: strengthens Middle East presence with Noorsat.
(CercleFinance.com) - Eutelsat, the French satellite operator, this morning announced the acquisition of Noorsat, which is one of the leading providers of satellite services in the Middle East.
The Bahraini group Orbit Holding Group is the seller, at a price of 75 million dollars (about 64 million euros) "with zero cash and zero debt". Eutelsat's revenues are therefore expected to increase by at least 15 million dollars a year, with the transaction having a slightly dilutive effect.
Founded in 2004 and with over 300 TV channels amongst its clients, Noorsat "The acquisition of NOORSAT fits with Eutelsat's broader strategy of streamlining distribution within selected core video neighbourhoods where it can create value. It will allow Eutelsat to strengthen the long term commercial development of its market-leading video positions in the Arabic world and increase its direct access to end-customers," the company said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Bahraini group Orbit Holding Group is the seller, at a price of 75 million dollars (about 64 million euros) "with zero cash and zero debt". Eutelsat's revenues are therefore expected to increase by at least 15 million dollars a year, with the transaction having a slightly dilutive effect.
Founded in 2004 and with over 300 TV channels amongst its clients, Noorsat "The acquisition of NOORSAT fits with Eutelsat's broader strategy of streamlining distribution within selected core video neighbourhoods where it can create value. It will allow Eutelsat to strengthen the long term commercial development of its market-leading video positions in the Arabic world and increase its direct access to end-customers," the company said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.