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Agreement Reached with Abertis on Sale of Eutelsat Stake in HispasatRegulatory News: Eutelsat Communications (Paris:ETL) (Euronext Paris:ETL) and Abertis Group have reached an agreement on the sale of Eutelsat's 33.69% stake in Hispasat (News - Alert) to Abertis. It follows the initiation of the process in July 2016 when Eutelsat exercised the put option granted in 2008 by Abertis, Hispasat's majority shareholder. The agreed price for Eutelsat's (News - Alert) stake is €302 million, representing an EBITDA multiple of 7.1x based on Hispasat's 2016 results. The closing of the transaction is subject to Spanish government approval and other customary conditions precedent, and is expected in the second half of calendar year 2017. The divestment of the stake is consistent with Eutelsat's strategy of rationalising its portfolio of assets in order to maximise cash generation.
Established in 1977, Eutelsat Communications (Euronext Paris: ETL, ISIN code: FR0010221234) is one of the world's leading and most experienced operators of communications satellites. The company provides capacity on 39 satellites to clients that include broadcasters and broadcasting associations, pay-TV operators, video, data and Internet service providers, enterprises and government agencies. Eutelsat's satellites provide ubiquitous coverage of Europe, the Middle East, Africa, Asia-Pacific and the Americas, enabling video, data, broadband and government communications to be established irrespective of a user's location. Headquartered in Paris, with offices and teleports around the globe, Eutelsat represents a workforce of 1,000 men and women from 37 countries who are experts in their fields and work with clients to deliver the highest quality of service. For more about Eutelsat please visit www.eutelsat.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170518006568/en/ |
