Wed. Jul 17th, 2019

Abertis sells Hispasat for 949 million to Red Elctrica - La Provincia

Abertis sells Hispasat for 949 million to Red Elctrica - La Provincia


Red Eléctrica has finally bought Hispasatby taking 89.68% of the capital of the operator of the Spanish satellites that Abertis had for an amount of 949 million euros, according to the two companies.

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The corporation that Jordi Sevilla presides over becomes"one of the main managers of telecommunications infrastructure in the country"under this operation that frames the new strategic plan that launches next day 20.

For its part, Abertis concludes the divestment of non-strategic assets that ACS and Atlantia undertook when they took over the group last year, which is focused on transport infrastructure concessions.

The two parties trust that the transaction will endwithin the first half of this year, once it obtains authorization from the Government, a necessary procedure given that Hispasat manages some assets, the satellites, which are property of the State.

In fact, Hispasat will reinforce the weight of the State in its capital when it passes into the hands of Red Eléctrica. This operator of the electricity distribution facilities of the country andis participated in a 20% by SEPI, 'holding' which, in turn, also has a 7.41% stake in the satellite operator. The remaining 2.91% of its capital is in the hands of the CDTI.

The price of the transaction supposes to value 100% of Hispasat in1,058 million euros. It is a price about 100 million euros lower than the 1,149 million euros in which the firm was estimated in the negotiation that Abertis and Red Eléctrica already had at the beginning of 2018, before ACS and Atlantia undertook the 'war' for the group of concessions.

However, on that occasion only 57% of the satellite firm that then had Abertis was sold, which later took 32% that was in the hands of the French company Eutelsat at a lower price. Thus, eThe agreed amount would now be similar to that resulting from considering the average of these two previous prices.

The company that presides over Seville plans to finance the acquisition with external debt, according to the company, which on February 20 launches its new strategy "focused on boosting the energy transition in Spain", but also on turning the company into "a benchmark in technological innovation ".

In fact, Red Eléctrica, whichalready manages the second largest fiber optic network in the country, is confident that, after this operation, the telecommunications business will report 330 million euros per year.

Hispasat currently manages the fleet of seven Spanish satellites, which cover Europe and the Americas. The firm generates revenues of 204 million euros per year, a gross operating profit (Ebitda) of 161 million and, in the financial chapter, supports a net debt of 285 million.

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