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Abertis completes sale of satellite operator Hispasat for €933M

Abertis Infraestructuras SA through its subsidiary Abertis Telecom Satélites SA closed the sale of its 89.7% stake in Spanish satellite operator Hispasat SA to Red Eléctrica Corporación SA for €933 million, after securing the necessary legal authorizations.

The sale will allow Abertis to focus on operating toll roads. The company will use the deal's net proceeds to pay down its debt as well as to invest in growth initiatives, according to an Oct. 3 news release.

Red Eléctrica unit Red Eléctrica Sistemas de Telecomunicaciones SAU agreed in February to acquire Abertis' holding in Hispasat. Sociedad Estatal de Participaciones Industriales and Centro para el Desarrollo Tecnológico Industrial EPE own the remaining stake in the satellite operator.