Eutelsat seeks sale of stake in Spain's Hispasat

Eutelsat seeks sale of stake in Spain's Hispasat

Eutelsat said it has initiated the process of divesting its 33.69% stake in Spanish satellite operator Hispasat by implementing the put option granted in 2008 by Hipasat’s majority shareholder, the Abertis Group.

However an Abertis spokesman has replied, saying that it does not recognise the put option initiated by Eutelsat in which Abertis would have to acquire the stake.

"The compromise to remain in the company, at least until the end of July 2017, assumed by the shareholders via the Shareholders Agreement, conditions the efficacy of the put," said Abertis in a statement to Spain's markets regulator CNMV.  

Under the terms of the agreement, the price of the stake will be determined by an independent expert, according to Eutelsat. 

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