MADRID Jan 10 Spain's Telefonica said
on Thursday it had agreed to sell its 13 p ercent stake in
satellite operator Hispasat to Spanish infrastructure company
Abertis and Paris-listed Eutelsat for 101
million euros ($132 million).
Telefonica, which has been shedding assets to pare debt,
said it would make a capital gain of 47 million euros from the
Abertis, already the satellite operator's largest
shareholder, paid 68 million euros for 7.2 percent of Hispasat,
leaving it with 41 percent of the company, Abertis said in a
statement to the stock market regulator.
Telefonica said Eutelsat would pay 56 million euros for the
remainder of its stake in Hispasat, though the sale is still
subject to government approval.
In 2012 Telefonica sold several assets, including call
centre business Atento and part of its stake in China Unicom
. The firm also listed its German unit and is
considering floating up to 15 percent of its Latin American
Telefonica expects to end 2012 with 50 billion euros of
debt, down from 56 billion euros of debt at the end of
Europe's biggest telecoms company by revenue originally
planned to sell its entire stake in Hispasat to Abertis. The two
companies reached an agreement in February, with Abertis set to
buy the stake for 124 million euros.
However, Eutelsat exercised its right of first refusal and
the deal changed.
Several Spanish state companies also hold stakes in
($1 = 0.7667 euros)
(Reporting by Clare Kane; Editing by Elaine Hardcastle)