(MENAFN) Greece's OTE chief executive, Michael Tsamaz, announced that the country's biggest telecoms operator will sell Hellas SAT, its satellite unit for UD278 million to Saudi Arabsat, reported Arabian Business.
Tsamaz said that the operator has been reducing costs and selling assets due to its debt load resulting from recession in both Greece and Romania, the company's two biggest markets.
The CEO added that the deal is scheduled to be completed in 2013's second half.
It is worth noting that on January 30, OTE, managed and partly-owned by Germany's Deutsche Telekom, has sold USD944.60 million of new bonds.
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