UPDATE 1-Spain's Abertis agrees to buy Hispasat stake from Telefonica

(Recasts with confirmation, adds background, details)

MADRID Feb 21 (Reuters) - Spanish toll road operator Abertis has agreed to buy Telefonica's 13 percent stake in satellite operator Hispasat for 124 million euros ($164.51 million), bringing its direct ownership of Hispasat to close to 50 percent, Telefonica said in a statement on Tuesday.

Earlier, a source close to the deal had put its value at 120 million euros.

Abertis, which also has airport and telecommunications operations, had been expected to buy more of Hispasat after it sold about half its stake in Paris-listed European satellite operator Eutelsat in January for 981 million euros.

According to data on Hispasat's website, Abertis will now be Hispasat's biggest shareholder with about 47 percent direct ownership. Eutelsat owns 28 percent of Hispasat and Abertis has some 16 percent of Eutelsat, which gives it an additional indirect stake in Hispasat.

Several Spanish state companies also hold stakes in Hispasat.

Since private equity firm CVC Capital Partners became a leading shareholder of Abertis in 2010 the toll road firm has sold its stake in Italian peer Atlantia and spun off its car parks and logistics arm Saba.

Abertis's shares closed down 1.77 percent on Tuesday at 13 euros per share. Telefonica closed off 0.57 percent at 13.18 euros. ($1=0.7538 euros) (Reporting by Carlos Ruano; Writing by Fiona Ortiz; Editing by Greg Mahlich)