ATL Atlantia

   By Alberto Delclaux 
 

Spain's government has approved Abertis Infraestructuras SA's (ABE.MC) purchase of a new stake in satellite company Hispasat, bringing Abertis a step closer to transferring ownership of its holding, and smoothing the way for a joint takeover of Abertis.

Abertis will buy a 32.6% stake in satellite communications operator Hispasat from France's Eutelsat Communications (ETL.FR) following an agreement between the companies in May 2017, the Energy Ministry said in a press statement.

Abertis already owns 57% of Hispasat, and the government green light makes it easier for the toll-road operator to sell its larger majority Hispasat stake to Spain's national grid operator Red Electrica Corp. SA (REE.MC).

The approval comes as a protracted takeover deal for Abertis nears an end. Clarity on the fate of Hispasat was one of the main obstacles to a takeover of Abertis, which was the target of a bidding war between Atlantia SpA (ATL.MI) and Actividades de Construccion y Servicios SA (ACS.MC). The rivals finally settled on launching a joint bid in March.

Abertis and Eutelsat agreed to the Hispasat deal in May 2017, which required government approval because Hispasat is considered a strategic national asset. The transaction approved Friday varies slightly from the original agreement, with a state-owned organization also buying a 1.06% stake in the satellite operator.

Last month, Abertis shareholders voted in favor of selling the company's Hispasat stake to Red Electrica on the condition that it submit a binding offer.

Read more about the Abertis takeover: https://on.wsj.com/2EmQbEo.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

April 06, 2018 09:51 ET (13:51 GMT)

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