Red Eléctrica has acquired Madrid-based satellite operator Hispasat. The Spanish electricity utility company is buying out Abertis’s 89.7 per cent holding in Hispasat for €949 million. Hispasat recorded €235 million in revenues last year, with profits of €80.5 million.

The purchase will leave the Spanish state (via its Sociedad Estatal de Participaciones Industriales) holding 7.4 per cent and Spain’s Centre for the Development of Industrial Technology with the remaining 2.9 per cent.

The purchase will need Spanish regulatory approval.

Red Eléctrica’s existing telco-related business has revenues of some €330 million and manages Spain’s second-largest fibre system.

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