- Indra completes the purchase of 89,68% of Hispasat from Redeia for 725 million euros.
- The transaction is subject to regulatory and shareholder approvals.
- Indra seeks to consolidate its position in the space and defense sector.
- Redeia will use the sale to strengthen its financial capacity and focus on the energy transition.
Indra, a leading company in the defense and technology sectors, has materialized an agreement to acquire 89,68% of the satellite operator Hispasat. This transaction, valued at 725 millones de euros, has been communicated by both Indra and redea (formerly Red Eléctrica) to the National Securities Market Commission (CNMV), marking a significant step in the space and telecommunications sector in Spain.
Financial details and conditions of the transaction
The purchase price will be largely financed by a loan that will guarantee 700 millones de euros, while the remaining 25 million will be covered by available cash. Despite the progress achieved in the negotiations, the operation remains conditional on compliance with various regulatory requirements in Spain and other territories, as well as approval by the General Shareholders Meeting of Indra.
In addition, one of the key points includes the accounting consolidation of Hisdesat Strategic Services, a subsidiary of satellite government services, whose shareholding structure is led by Hispasat with 43%. Other relevant shareholders of Hisdesat are the Ministry of Defense, Airbus y tendons.
Strategic impact and objectives of the purchase
This acquisition reinforces Indra's commitment to position itself as a key player in the defence and space technology sectors, sectors considered strategic by the Spanish Government. In the words of the company, the integration of Hispasat represents an important step in its strategic plan, which seeks to consolidate its leadership in areas such as defense, advanced technology y satellite systems.
Interest in Hispasat also reflects the growing importance of satellites in both military and civil applications. Hispasat has a robust satellite network that includes secure communication services under the direction of Hisdesat, key for the armed forces and national intelligence. In addition, the operation coincides with the growing relevance of European space projects such as iris2, in which Hispasat is involved.
The role of Redeia and its strategic readjustment
Redeia, for its part, sees this sale as a strategic move that will allow it to focus more on its core business: the management of electrical infrastructures. Following this operation, the company hopes to strengthen its financial profile to address projects related to the energy transition in Spain, planning key investments in electrical networks up to 2030.
It is important to note that Redeia acquired its stake in Hispasat in 2019 for 933 millones de eurosHowever, the current sales price, combined with dividends received since then, results in a net cash loss of 112 millones de eurosDespite this, Redeia argues that, thanks to the capital gains generated by other operations such as the sale of Reintel in 2022, the overall balance of its strategic plan remains positive.
A strategic move with government support
The operation has been supported by the State, which has significant stakes in both companies through the Sociedad Estatal de Participaciones Industriales (Sociedad Estatal de Participaciones Industriales) (SEPI). The Government is seeking to strengthen the creation of a "national champion" in the defence and technology sector, in line with its strategic plan to strengthen the country's industrial and technological capabilities.
This acquisition also takes place in a geopolitical context marked by an intensification of conflicts and growing competition in the satellite sector, driven by companies such as Starlink by Elon Musk. With this integration, Indra not only seeks to position itself as a leader at the national level, but also to compete in the global market with international players.
The recent appointment of Angel Escribano As President of Indra, he is aligned with this strategy. Escribano, who replaced Marc Murtra after his transfer to Telefónica, inherits the responsibility of consolidating this operation and implementing a roadmap that combines technological innovation with national defense objectives.
The purchase is scheduled to close 2025, subject to the necessary approvals by the Council of Ministers and the relevant regulatory authorities. Once completed, Indra will strengthen its role as a driving force of the Spanish satellite ecosystem, promoting government projects and expanding its ability to compete on the global stage.