In a recently-forged deal, telco Telefonica will sell its 13 percent stake in Spanish satellite operator Hispasat to Eutelsat and Abertis for 101 million euros.
Telefonica expects to profit from the deal by 47 million euros. Its original plan was to sell its entire share to Abertis. Eutelsat, however, exercised its right of first refusal.
By acquiring Telefonica’s shares in Hispasat, Albertis will increase its direct stake in the satellite operator to 40.6 percent. The acquisition will also fuel the company’s growth when it takes the lead in projects within the satellite infrastructure sector. Finally, Albertis proves that it was capable of reinvesting in promising projects.
Eutelsat will pay 56 million euros for its share of Telefonica’s stake in Hispasat. The deal has to be approved by Spanish authorities first.
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