Spain's competition regulator allows Abertis controlling share of Hispasat
Juan Fernandez Gonzalez | 13-11-2013
Spain's new competition regulator CNMC is allowing Abertis to buy a further 16.4% of Hispasat – all the shares owned by the Defence Ministry – bringing Abertis total shares in the company to 57% and giving it control of Hispasat's future.
According to Europa Press, the regulator authorised the move at the beginning of the month. Abertis has been waiting to consolidate the group in order to face a new phase of growth in the coming years, with special focus on the Latin American market.
Since Abertis bought into Hispasat in 2012, it has invested €475 million to take control of the company. Currently, Eutelsat owns 33.6% and two public institutions, SEPI (7.4%) and CDTI (1.8%), own the rest.
Abertis has an ambitious plan for the satellite company. Until 2022 the group will double in size and aims to invoice €600 million, double the amount invoiced in 2012.
The launching of new Amazonas satellites – the first at the beginning of this year and the second scheduled for December – is an essential part of this project, which aims to enable the company to meet the increasing demand for TV and Internet satellite services in Latin America.