Eschostar's acquisition Satmex went sour
Despite versions that confirmed Echostar's acquisition of Satmex, the operation did not become effective. According to the Mexican morning paper El Economista, the offer of about USD 370 millions was frustrated due to "participants' stinginess". The operation was not closed because of a USD 3 million difference between both parties.
Now, the Mexican government, through the Secretary of Communications and Transport (SCT) led by Juan Molinar Horcasitas, will grant Stamex time to present a viable plan. Otherwise, the SCT will turn to one of the three alternatives: an inspection; the recovery of assets or the termination of the license. An official announcement will be made soon.
Last week, Horcasitas stated that although the acquisition agreement was about to be closed, "the agreement still depends on the compliance of a set of already agreed upon conditions". Satmex recorded net losses for USD 3,7 millions over 1Q10, which accounts for a 29% decrease if compared with losses recorded in March 2009 (USD 5,3 millions). Between January and March, the company recorded a 3% increase in its total incomes, which accounted for USD 31,8 millions.