Eutelsat has at long last concluded the sale of its 33.69 per cent stake in Madrid-based satellite operator Hispasat. The sale has generated $302 million for Eutelsat.
“The transaction concludes an agreement reached in May 2017 between Eutelsat and Abertis which was recently approved by the Spanish Council of Ministers, thereby lifting the last condition precedent to its completion,” said a statement.
“The divestment of Eutelsat’s stake in Hispasat is in line with the Group’s strategy of rationalising its portfolio of assets in order to maximise cash generation.”
The sale has been underway for some years, and was initiated back in July 2016 when Eutelsat realised it would not be able to increase its holdings in Hispasat, and exercised a ‘Put’ option agreed with fellow-investor Abertis in 2008.