Abertis, via its subsidiary Abertis Telecom Satélites, has reached an agreement with Red Eléctrica Corporación to sell its 89.7% stake in Hispasat for €949Mn. Net proceeds from this divestment shall be used to partially prepay the short-term bridge to disposals debt facility drawn for the acquisition of Abertis.
The transaction, which is subject to approval by the Spanish cabinet, the Spanish and Portuguese competition authorities and other standard regulatory authorisations, is expected to be completed in the first half of 2019.
Following this transaction, once the corresponding administrative authorisations have been obtained, Abertis will have no stake in Hispasat. This is in keeping with the company's strategy to become a pure toll road operator.