Investing.com -- Indra, the Spanish information technology and defense systems company, has purchased an 89.68% stake in satellite telecom operator Hispasat from Redeia.
The deal, announced on Friday, is valued at €725m ($824 million), a figure higher than the €650m ($739 million) predicted by previous press reports.
The selling price implies a total enterprise value (EV) of €966m ($1.1 billion) for Hispasat. The transaction was finalized at an implicit 7.7x EV/EBITDA 24E, based on Redeia's reported EBITDA 24E of €125m ($142 million).
The deal will lead to a post-tax capital loss of €137m ($156 million), which will be recorded in Redeia's fiscal year 2024 accounts.
Redeia, a Spanish infrastructure company, first purchased Hispasat in 2019 for €933m ($1.06 billion). The total cash received from the sale, including dividends, amounts to €821m ($934 million). The transaction is expected to close in 2025.
The book value of Hispasat, according to Redeia, stands at €862m ($982 million).
The sale of Redeia's stake in Hispasat to Indra is expected to increase capital expenditure in grids. This deal signifies a shift in ownership for Hispasat, and it will be interesting to see how the company evolves under Indra's management.
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