- The conclusion of the €172.5 million deal gives abertis 57.05% of Hispasat.
- The acquisition is subject to the approval of the Spanish cabinet and the competition authorities.
31-7-2013 — /EuropaWire/ — abertis today signed an agreement to purchase the 16.42% of Hispasat held by the “Esteban Terradas” National Institute of Aerospace Technology (INTA), which is part of the Spanish Defence Ministry, for €172.5 million (€153.5 million corresponding to shares value plus €19 million corresponding to control premium).
The deal gives abertis a majority stake (57.05%) in the satellite operator. Hispasat’s other shareholders are Eutelsat (33.69%), Sepi (7.41%) and CDTI (1.85%).
In total, abertis invested €475 million to reach its current position. In 2013 Hispasat expects to amount around €200 million in revenue and over €160 million in EBITDA.
abertis, as the majority shareholder and industrial operator, assumes exclusive control of the company and undertakes to fully develop Hispasat’s growth and value-creation potential. The transaction is subject to the approval of the competition authorities and the Spanish cabinet.
abertis plans to fully consolidate its stake in Hispasat once all required authorisations have been obtained and the transaction has been finalised.
Six years of commitment to Hispasat
abertis’ CEO, Francisco Reynés, expressed satisfaction over the purchase
agreement with INTA and emphasised the importance of the transaction for the
company. Mr. Reynés said: “The transaction shows the Group’s intention to
continue growing in the telecommunications business, especially in segments
capable of generating the greatest shareholder value, such as towering and
Francisco Reynés also thanked Hispasat’s public shareholders, represented by INTA, Sepi and CSTI, for their good predisposition during the whole negotiation in order to “reach a benefitial agreement for all the parties and especially for the future of Hispasat”.
Hispasat is composed of companies with a foothold in Spain as well as in Latin
America, where the Brazilian company HISPAMAR sells services. The company is a leading Spanish and Portuguese-language content broadcaster and distributor, including over important direct-to-home television (DTH) and high-definition television (HDTV) digital platforms. The satellite operator is one of the world’s largest companies in terms of revenue in its sector, and the main communications bridge between Europe and the Americas.
Its fleet consists of modern, high-power satellites, with coverage over Europe,
North Africa and the Americas located in the 30º west (Hispasat 1C, Hispasat 1D) and 61º west (Amazonas) orbital slots. It provides government services on bands X and Ka through Hisdesat, with satellites located at 30º west (Spainsat) and 29º east (Xtar-Eur).
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