Catalan company Abertis to become majority shareholder of the Spanish satellite operator Hispasat

Barcelona-based telecommunications company has bought 16.42% of Hispasat, which added to its previous shares means that Abertis now controls 57.05% of the satellite operator. The Catalan company has bought the shares from the Spanish Ministry of Defence, paying €172.5 million.  The deal included €153.5million to buy the shares, as well as €19million more to take full control of the operator. The transaction now has to be approved by the Spanish Government and the competition regulation authorities. According to a press release by Abertis, the company pledges to “develop the full potential for growth and value” of the satellite operator. In total, Abertis has invested €475million to obtain its current stake in Hispasat. In 2013, Hispasat is expected to generate €200million in revenue and it has a strategic importance for Spain and Spanish-speaking countries.

Abertis headquarters, based in Barcelona (by ACN)
Abertis headquarters, based in Barcelona (by ACN) / ACN

ACN

July 25, 2013 09:40 PM

Barcelona (ACN).- Catalan company Abertis announced on Thursday that it has bought a 16.42% stake in the Spanish communication satellite group Hispasat, increasing its share to 57.05% and therefore giving it control of the satellite operator. The Barcelona-based company has bought the shares of the Instituto Nacional de Técnica Aeroespacial Esteban Terradas (INTA), belonging to the Spanish Ministry of Defence. The transaction was worth €172.5 million, including €153.5 million to buy the shares, as well as €19 million more to take control of Hispasat. The operation now has to be approved by the Spanish Government and the competition regulation authorities. According to a press release by Abertis, the company pledges to “develop the full potential for growth and value” of the satellite operator. In total, Abertis has invested €475million to obtain its current stake in Hispasat. In 2013, Hispasat is expected to generate €200million in revenue and €160 million of EBITDA. It has a strategic importance for Spain and South American countries. It will now be controlled by the Catalan company Abertis (57.05% of the shares), while the other shareholders are the French company Eutelsat (European Telecommunications Satellite Organization) with 33.69% of the shares and the Spanish Government with 9.26% of the shares (7.41% owned by the SEPI and 1.85% owned by the CDTI).


Abertis CEO, Francisco Reynés, is satisfied with the deal with INTA. Reynés stressed that the transaction “shows the group’s willingness to continue expanding its telecommunications business, in particular in the sectors that can bring greater added value for the shareholders, such as the towering and the satellite [sectors]”.

Strengthening Hispasat’s leadership in South America

In addition, he also thanked the publicly-owned share holders – which are the SEPI and the CDTI, which belong to the Spanish Government. Reynés thanked them for “the good predisposition” to reach an agreement which is “beneficial for all the parties and particularly for Hispasat’s future”. Furthermore, he emphasised that Abertis’ commitment is to “develop Hispasat’s full potential for growth to make the company a first-class flagship in the satellite sector at world level, whilst strengthening its leadership position in Latin America”.