Eutelsat Communications (Euronext Paris: ETL) and Abertis Group have reached an agreement on the sale of Eutelsatís 33.69% stake in Hispasat to Abertis. It follows the initiation of the process in July 2016 when Eutelsat exercised the put option granted in 2008 by Abertis, Hispasatís majority shareholder.

The agreed price for Eutelsatís stake is Ä302 million, representing an EBITDA multiple of 7.1x based on Hispasatís 2016 results. The closing of the transaction is subject to Spanish government approval and other customary conditions precedent, and is expected in the second half of calendar year 2017.

The divestment of the stake is consistent with Eutelsatís strategy of rationalising its portfolio of assets in order to maximise cash generation.