Spain’s giant infrastructure company Abertis is selling seven per cent of its stake to China Investment Corp (for €385 million). This sale leaves Abertis with an 8.45 per cent holding having already sold down a 16 per cent stake in Eutelsat on January 13th.
That sale valued Eutelsat overall at about €6.1 billion. This sale, at a lower cost/share, values Eutelsat at some €5.5 billion.
CIC cannot take possession of the stock until mid-July, when an Abertis ‘lock-in’ expires. Abertis will make about €237 million in capital gain on the sale.
In a statement, Eutelsat said CIC would be a passive investor and would not take a seat on Eutelsat’s board.
Abertis still holds a 46.6 stake in Hispasat (which also has Eutelsat as an investor).