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Telefonica sells Hispasat stake to Abertis, Eutelsat
January 10, 2013 / 5:41 PM / in 5 years

Telefonica sells Hispasat stake to Abertis, Eutelsat

MADRID, Jan 10 (Reuters) - 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 deal.

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 businesses.

Telefonica expects to end 2012 with 50 billion euros of debt, down from 56 billion euros of debt at the end of September.

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 Hispasat.

$1 = 0.7667 euros Reporting by Clare Kane; Editing by Elaine Hardcastle

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