Telefonica has agreed to sell its 13% holding in Spanish satellite operator Hispasat to Eutelsat and Abertis.
The telco will receive €47 million from the €101 million transaction.
Abertis said the increase would consolidate its position as the main shareholder in Hispasat with a direct stake of 40.6%. “This acquisition reinforces Abertis’ willingness to grow in the satellite infrastructure sector in those projects in which it can assume an industrial leadership role, while at the same time it demonstrates its capacity to reinvest in attractive projects with upside.”
Eutelsat will pay €56 million for its stake, which remains subject to approval by the Spanish authorities.
Initially Telefonica was to have sold its entire share to Abertis, until Eutelsat exercised its right of first refusal.
