- Indra acquires 89,68% of Hispasat for €725 million, an operation reported to the CNMV and pending approvals.
- Financing: 700 million loan and 25 million in cash; the purchase depends on regulatory requirements and a vote by the Indra Board.
- Integration consolidates Hisdesat (Hispasat 43%) and strengthens Indra in defense, advanced technology and satellite systems, linked to projects such as Iris2.
- Redeia is refocusing on electricity networks; the sale reduces net liquidity, but it has state support and seeks to create a national champion.
Indra , a leading company in the defense and technology sectors, has finalized an agreement to acquire 89,68% of the satellite operator Hispasat . This transaction, valued at €725 million , has been reported by both Indra and Redeia (formerly Red Eléctrica) to the Spanish 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 acquisition price will be financed largely through a €700 million loan , while the remaining €25 million will be covered by available cash. Despite the progress made in negotiations, the transaction remains subject to compliance with various regulatory requirements in Spain and other territories, as well as approval by Indra's General Shareholders' Meeting.
Furthermore, one of the key points includes the accounting consolidation of Hisdesat Servicios Estratégicos , a government satellite services subsidiary, whose shareholding structure is led by Hispasat with 43%. Other significant shareholders of Hisdesat are the Ministry of Defense, Airbus , and Sener.
Strategic impact and objectives of the purchase
This acquisition reinforces Indra's commitment to positioning itself as a key player in the defense and space technology sectors, which are considered strategic by the Spanish government. According to the company, the integration of Hispasat represents an important step in its strategic plan, which aims to consolidate its leadership in areas such as defense , advanced technology , and satellite systems.
The interest in Hispasat also reflects the growing importance of satellites in both military and civilian applications. Hispasat has a robust satellite network that includes secure communication services under the management of Hisdesat , which are crucial for the armed forces and national intelligence. Furthermore, the acquisition coincides with the increasing 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, considers this sale a strategic move that will allow it to focus more on its core business: managing electrical infrastructure. Following this transaction, the company expects to strengthen its financial position to undertake projects related to the energy transition in Spain, planning key investments in electricity networks through 2030.
It is important to note that Redeia acquired its stake in Hispasat in 2019 for €933 million . However, the current sale price, combined with dividends received since then, results in a net cash loss of €112 million . Despite this, Redeia argues that, thanks to capital gains generated by other transactions 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 backed by the State, which holds significant stakes in both companies through the State Industrial Holdings Company ( SEPI ). The Government seeks to reinforce the creation of a "national champion" in the defense and technology sector, aligned with its strategic plan to strengthen the country's industrial and technological capabilities.
This acquisition also comes at a geopolitical time marked by escalating conflicts and increasing competition in the satellite sector, driven by companies like Elon Musk's Starlink . With this integration, Indra not only seeks to position itself as a leader nationally, but also to compete in the global market with international players.
The recent appointment of Ángel Escribano as president of Indra aligns with this strategy. Escribano, who replaced Marc Murtra after his move to Telefónica, inherits the responsibility of consolidating this operation and implementing a roadmap that combines technological innovation with national defense objectives.
The acquisition is scheduled to close in 2025 , subject to the necessary approvals from the Council of Ministers and relevant regulatory authorities. Once completed, Indra will strengthen its role as a driving force in the Spanish satellite ecosystem, boosting government projects and expanding its ability to compete globally.
