Indra completes the purchase of Hispasat for 725 million euros

BarcelonaSpanish technology company Indra has finalized the acquisition of 89.68% of Hispasat from Redeia for €725 million, following the fulfillment of the conditions precedent stipulated in the agreement, as reported by both companies to the Spanish National Securities Market Commission (CNMV) on Tuesday. The transaction gives Indra control of Hispasat, a government satellite services operator in the areas of defense, security, intelligence, and foreign affairs. This completes a deal that sees a change of ownership. one of the strategic jewels of the StateAs a satellite operator, it has the capacity to launch a satellite into space to reliably transmit a signal—for example, internet or television—to areas where communications are unreliable, insecure, or even completely isolated. Furthermore, it also stands out for its ability to process, through its satellites, information and communications related to national security. In fact, its subsidiary Hisdesat specializes in Earth observation and the secure transmission of government communications. It is for all these reasons that Indra, in the midst ofEuropean rearmament and deployment of the new strategic planHe showed interest.

This acquisition, announced on January 31, is part of Indra's Strategic Plan, which aims to make the company the leading player in the Spanish satellite industry. Indra, in which the State Industrial Holdings Company (SEPI) holds a 28% stake, stated that the integration of Hispasat and the consolidation of Hisdesat will generate significant synergies for the growth of its operations and revenue. Until now, 89.68% of Hispasat was owned by Restel, a company belonging to the Redeia group. SEPI was the second largest shareholder, with 7.41%, while the remaining 2.91% belonged to the Centre for the Development of Industrial Technology (CDTI). Hispasat, in turn, owns 43% of Hisdesat, Isdefe 30%, Airbus Defence & Space 15%, Indra 7%, and Sener 5%. Therefore, Indra acquired 0.1% of the shares of this company.

Changes in management

Following this acquisition, Indra has reorganized the management of Indra Space, the unit created by Indra to encompass its space business. Indra Space will now be led by Miguel Ángel Panduro, formerly CEO of Hispasat. Meanwhile, Luis Mayo, director of Indra Space, will become CEO of Hispasat, which will continue to be chaired by Pedro Duque. In addition, Ana María Molina, previously the corporate director of Hispasat, has been appointed CEO of Hisdesat.