[Satellite TODAY Insider 02-02-11] NewSat acquired seven orbital slots and a range of frequency assignments for accommodating satellites from AP Kypros Satellites, NewSat announced Feb. 1.
The acquisition agreement gives NewSat exclusive use of one of the slots and half of the frequencies of another two slots, with options for the other four slots. NewSat will pay for the acquisition in five cash installments, with a sixth and final installment of ordinary shares due Dec. 1.
NewSat said the orbital slots, which cover all continents, are crucial for the company’s strategy on expanding into growth markets. The slots will be used to accommodate a fleet of Jabiru satellites, providing telecommunication services in C-, Ku- and Ka-band spectrum.
“The slots are extremely valuable assets with senior filing status, outstanding geographic footprint and certainly enough capacity to see NewSat’s long-term future assured. We are now in a position to launch multiple satellites, each of which could generate in excess of $100 million of EBITDA per year,” NewSat CEO Adrian Ballintine said in a statement.
Ballintine also said that NewSat has made significant progress on the Jabiru satellite project and has entered into a number of agreements to sell capacity, which will be announced soon, along with progress on funding for Jabiru-1 and plans for more satellites beyond Jabiru-2.
Financial details of the acquisition agreement were not disclosed as the deal still has to clear regulatory processes.
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