Agreement reached with Abertis on sale of Eutelsat stake in Hispasat

Eutelsat Communications (Euronext Paris: ETL) and Abertis Group have reached an agreement on the sale of Eutelsat’s 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, Hispasat’s majority shareholder.

The agreed price for Eutelsat’s stake is €302 million, representing an EBITDA multiple of 7.1x based on Hispasat’s 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 Eutelsat’s strategy of rationalising its portfolio of assets in order to maximise cash generation.

Source: Eutelsat.com

Tags

Related posts

5G, it’s not all wireless

The imminent rollout of 5G mobile networks has major implications for the supporting backhaul infrastructure which need to be addressed sooner...

Top