Spanish Government halts Hispasat investment
Iñaki Ferreras | 15-10-2012
Spain’s Government is planning to divest its holding in the national satellite operator Hispasat, which is engaged in the manufacture of satellites, in favour of Abertis.
The state owns a 25% stake in Hispasat through the Spanish National Institute for Aerospace Technology (INTA 16.42%), the State Industrial Holdings Company (SEPI, 7.41%) and the Centre for Technology Development Industrial (CDTI, 1.85%). The remaining shares consists Abertis (47%) and Eutelsat (27.69%).
Now, there is "conformity" within the Council of Ministers to undertake a process of "divestment" and "start talks to divest” in what is a rather profitable company according to the President of SEPI, Ramon Aguirre.
Hispasat, founded in 1989, provides coverage in southern Europe, North Africa and the Americas through its fleet of commercial satellites. At the end of 2010, the Spanish satellite operator achieved a net profit of €71.4 million, compared with €70.6 million a year earlier, while its sales exceeded €181 million euros, compared with €150 million in 2009.