Telefonica initially planned on selling its entire share to Abertis, but Eutelsat exercised its right of first refusal.

   Abertis management said the increase would consolidate its position as the main shareholder in Hispasat with a direct stake of 40.6 percent. The acquisition also aims to reinforce Abertis’ ability to grow in the satellite infrastructure sector, specifically on projects in which it can assume an industrial leadership role.

   “At the same time, the acquisition demonstrates our capacity to reinvest in attractive projects with upside,” Abertis said in a company statement.

   Eutelsat will pay 56 million euros for its stake, subject to approval by the Spanish authorities.