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Eutelsat starts process to sell Hispasat stake

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Eutelsat starts process to sell Hispasat stake

EutelsatCommunications SA has started the sale process for its 33.69% stakein Hispasat.

In a July 12 news release, Eutelsat said it exercised a put optiongranted in 2008 by Hispasat's majority shareholder, the Abertis Group. Apotential transaction will require the approval of the Spanish government.

Eutelsat owns the Hispasat stake via its subsidiary,Eutelsat Services und Beteiligungen GmbH. The value of the Hispasat stake willbe decided by an independent expert, according to the terms of the put optionagreement.

In response to a statement by Abertis on Eutelsat exercisinga put option to kick off the stake sale, Eutelsat said it can exercise the putbefore July 2017 since the exercise of the put represents a pre-agreedexception to a lock-up period extending to the end of July 2017.