Abertis to consolidate Hispasat
Juan Fernandez Gonzalez | 31-10-2013
Abertis is planning to take full control of Hispasat to consolidate the satellite company worldwide, according to a statement by José Aljaro, Abertis' financial director, reported by Europa Press.
The group is waiting for final authorisation to purchase 16.4% of the formerly public company from Spain's Defence Ministry, after which it will own 57% of Hispasat's capital. According to Aljaro, the group is confident that the process being completed no later than November.
Abertis has been restructuring its other businesses including the highways in Brazil and Chile and its airport sector. In addition, it is trying to sell the 5% of Eutelsat which it still owns.
Abertis aims to support Hispasat's new growth plan, which intends to double the company's size by 2022, and increasing its €600 million invoicing. The satellite group is increasingly focusing on Latin America, where intends to satisfy the rising demand for satellite TV and Internet. Related to this, Hispasat plans to launch a new Amazonas satellite before the end of the year.
Abertis has invested €475 million in order to take control of the satellite company since it first bought into Hispasat. Currently, Eutelsat owns 33.6%, and 9.2% is still public, shared between various institutions.