June 3, 2014 / 8:16 AM / 4 years ago

UPDATE 1-Spain's Abertis completes exit from France's Eutelsat

(Adds details, background)

MADRID, June 3 (Reuters) - Spanish infrastructure company Abertis completed its exit from French satellite operator Eutelsat on Tuesday by selling its remaining 5.01 percent stake in the company for 275 million euros ($374.2 million).

Abertis, the world’s largest toll road operator, bought a 31 percent stake in Eutelsat in 2006 for 1.07 billion euros but started to sell it down in early 2012 as it embarked on a new strategy and restructured its business.

The company has reduced its exposure to its home market of Spain, which has been suffering from a five-year economic slump, sold off stakes in several international airports and acquired businesses in South America, where it operates toll roads in Chile and Brazil.

Abertis is looking at investment opportunities in Britain, the United States and Australia to balance its exposure to Latin America, Chief Executive Francisco Reynes said on Feb. 28.

The shares, which were placed through an accelerated bookbuilding process, were sold at a price of 24.94 euros each, according to Reuters calculations. It was a 3 percent discount from their closing price of 25.725 euros on Monday.

Shares in Eutelsat fell 2.90 percent to 24.98 euros.

The sale did not generate any “substantial” profit, Abertis said in a statement to Spain’s stock market regulator. ($1 = 0.7349 Euros) (Reporting by Julien Toyer, editing by Louise Heavens)

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