BBVA Corporate & Investment Banking has issued a valuation report for Sociedad Española de Participaciones Industriales (SEPI), on the sale of 16.4% of Hispasat to Abertis for a total of €175.2 million.
The sale of 16.4% of Hispasat, which until now was owned by Spain's National Institute of Aerospace Technology (INTA), is a key step in SEPI's disposal of non-core assets which will be managed by private initiative.
With this deal Abertis, Spain's leading infrastructure and telecommunication management company, assumes exclusive control of Hispasat (57% stake), and undertakes to fully develop Hispasat's growth and value-creation potential.
Hispasat is the leading satellite operator in Spanish-speaking countries and provides telecommunication services in Europe, America and North Africa. It has a fleet of five commercial communications satellites which offer coverage in Europe and the American continent, reaching 100% of the global Spanish-speaking market and 90% of the Portuguese-speaking market. In addition to Abertis, Hispasat's shareholders include French telecommunications satellite operator Eutelsat with 33.69%, SEPI (7.41%) and Spain's Centre for Industrial Technological Development (CDTI) with a 1.85% stake.
With this transaction, BBVA strengthens even further its close relationship and collaboration with SEPI which it has maintained for many years through its Institutional Banking office in Madrid.
This deal is the fourteenth this year for BBVA Corporate Finance's M&A business, Spain's leading M&A advisor. Other deals include the sale of 100% of Indra's multichannel communication assets to Swiss venture capital firm, Springwater Capital, and the sale of 5% of CLH to British Columbia Investment Management Corporation.