Spanish infrastructure group Abertis is set to assume control of local satellite operator Hispasat after buying a 16.42% stake from country’s government.
The €172.5m deal with a unit of the Spanish Defence Ministry gives Abertis a 57.05% share of…
Spanish infrastructure group Abertis is set to assume control of local satellite operator Hispasat after buying a 16.42% stake from country’s government.
The €172.5m deal with a unit of the Spanish Defence Ministry gives Abertis a 57.05% share of Hispasat, ahead of French satellite operator Eutelsat which holds 33.69%.
A €19m premium was paid on top of the €153.5m value of the shares to give Abertis control of the group, although the deal still requires approval from the Spanish cabinet and competition authorities.
As a major shareholder Eutelsat had pre-emption rights, which a spokeswoman said it waivered because the price was not right and it was satisfied with its current holding.
With exclusive control of Hispasat, Abertis said it planned to fully develop its growth potential.
“Our commitment is to encourage all the growth potential of Hispasat in order to transform the company in a first-class world reference in the satellite sector, focusing even more on its leadership position in Latin America,” said its CEO Francisco Reynés.
Abertis has been gradually building up its stake since initially buying a 28.4% chunk back in 2007. It has invested approximately €475m to reach its current ownership position, and anticipates closing its latest acquisition this year.
The Spanish government still holds stakes in the operator through state-owned groups SEPI and CDTI, which have stakes of 7.41% and 1.85%, respectively.
Hispasat expects to report around €200m in revenues and more than €160m in EBITDA for 2013.
