Satmex Explores Possible Sale
The Mexican satellite operator has announced that it will use Perella Weinberg Partners as the financial advisor.
July 7, 2008
Satmex, a Mexican satellite operator, appears to be preparing for a possible sale. The company announced Monday that it has retained Perella Weinberg Partners as the financial advisor in the evaluation process of strategic alternatives, which could include raising funding to launch an additional satellite or a company sale.
Satmex emerged from bankruptcy in late 2006 and was acquired by Eutelsat Communications, Groupe Miguel Aleman, and Groupe Clemente Serna in 2007.
Patricio Northland, Satmex's chief executive officer, said, “We have begun taking clear steps to execute our plan to strengthen Satmex's position as a significant player in satellite operations in the Western Hemisphere and today I am very glad to announce Perella Weinberg Partners as our financial advisors. I am confident they will be a key element in the strategy to enhance value for our shareholders.” Northland was named CEO of Satmex in May.
In June, Satmex signed an agreement with Space Systems/Loral to begin constructing Satmex 7, an additional satellite.
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