Abertis' Hispasat close to unblocking sale to REE (translated)
Red Electrica de Espana [BME:REE] (REE) proposal to acquire Hispasat could be unblocked imminently, Expansion reported.
The Spanish Minister for Energy, Tourism and the Digital Agenda, Alvaro Nadal, confirmed yesterday (28 November) that talks between the ministry and REE were very advanced, the paper said.
As Minister of Digital Agenda, Nadal must authorize the shareholding changes of Hispasat, Expansion noted.
Yesterday, the minister noted that he is working with REE on some rules so that, should it acquire Hispasat, the regulated electric business will not be affected by satellites.
Nadal added that REE has the monopoly of the high voltage network, satellite activity has to go through its own path without affecting the regulated electricity business, which has to be stable.
REE proposed to acquire the 90.7% of Hispasat owned by Abertis (57.05%) and France’s Eutelsat (33.69%). So far, Nadal has blocked all capital movements in Hispasat - a key asset for the Spanish government - including the agreed sale of Eutelsat’s stake to Abertis. That gave the minister the key to the two offers for Abertis, currently the target of an offer from its Italian counterpart Atlantia [BIT:ATL], and a counter offer from ACS [BME:ACS] via its German unit Hochtief [HOTG:DE].
Sepi, the state’s industrial holdings entity that owns 7.41% of Hispasat, depends on the Ministry of Finance headed by Cristóbal Montoro, who is in favor of REE’s purchase. Luis de Guindos, Minister of Economy, on which the CDTI organism depends, is also in favor. CDTI has another 1.85% stake in Hispasat. María Dolores de Cospedal, Minister of Defense, for whom Hispasat manages numerous services, also approves REE’s bid, Expansion said.
As reported, REE’s offer values Hispasat at about EUR 1bn.