Juan Fernandez Gonzalez | 04-08-2013
The Spanish Government has approved the sale of 16.42% of Hispasat to the telecoms group Abertis.
The satellite company was previously owned by the Defence Ministry which will now retain 9.2% of company's capital.
Abertis will own 57.05% of Hispasat if the deal goes through as expected. The company paid €153.5 million for the 16.42% of shares plus €19 million for taking control of the satellite network.
The Government will still participate in Hispasat through various institutions. Eutelsat is also part of the group, owning 33.69% of shares.
Hispasat is currently in a growth phase, focusing on the Latin American markets and the launch of satellite services throughout the world. The entry of private capital could help the company to achieve new goals which would have been difficult if it relied only on public funds.
The Spanish satellite company recently reported a growth of over 6% in 2012, when it invoiced €200 million. These numbers were only possible thanks to the investments and operation of Hispasat in Latin America, where the new Amazonas satellite network is being launched. Amazonas 3 went to space last February and is the first satellite for the region with K-band, which aims to extend the Internet throughout the whole region.