Eutelsat has agreed to sell its 33.69% stake in Hispasat to Abertis for €302 million.
The agreement 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 €302 million price marks a 7.1-times EBITDA multiple based on Hispasat’s 2016 results.
“The divestment of the stake is consistent with Eutelsat’s strategy of rationalising its portfolio of assets in order to maximise cash generation,” said the satellite operator in a statement.
The transaction is now subject to Spanish government approval and other customary conditions, and is expected to close in the second half of 2017.