Abertis To Become Main Shareholder In Hispasat
[10-31-07 – Satellite Today] Spanish industrial group Abertis has reached an agreement to acquire a 28.4 percent stake in satellite operator Hispasat, Abertis announced Oct. 31.
Abertis subsidiary Abertis Telecom will acquire shares controlled by Ensafeca Holding Empresarial, which controls 17.6 percent of Hispasat, and BBVA, which own a 10.8 percent stake. The transaction is valued at 199 million euros ($286.8 million) and will be financed by drawing down on short-term cash lines and later refinanced, Abertis said.
Hispasat operates a fleet of five satellites covering Europe and the American continent and reach 100 percent of the global Spanish-speaking market and 90 percent of the Portuguese-speaking market, Abertis said. In 2006, Hispasat recorded revenues of about 120 million euros ($173 million euros) and net profits of 24.5 million euros ($35.3 million).
The agreement is subject to approval by the Spanish Council of Ministers as well as competition authorities, Abertis said.
In January, Abertis completed the purchase of a 32 percent stake in Eutelsat for 1.1 billion euros ($1.6 billion).