Abertis shareholders agree to sell Hispasat stake

Wednesday 14 March 2018 | 15:10 CET | News

The shareholders of Spanish toll road operator Abertis have agreed to sell the company’s 57 percent stake in satellite operator Hispasat to national grid operator Red Electrica Corp. However, EFE reports that the sale remains conditional on Abertis receiving a binding offer of over EUR 656 million for the majority stake. The toll company’s shareholders also voted to pass to Red Electrica an obligation to buy a further stake in Hispasat from French communications provider Eutelsat Communications.

The news comes after German builder Hochtief, controlled by Spain’s ACS, reached a deal with Italian infrastructure giant Atlantia, owned by the Benetton family, to jointly acquire Abertis for EUR 18.22 billion. Under the terms of the proposed deal, Atlantia and ACS will create a co-owned holding company to control Abertis if their bid is accepted. Abertis still retains a 34 percent stake in towers operator Cellnex Telecom valued at EUR 1.8 billion.

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