White smoking. Indra It is done with the majority of Hispasat. The technology company will acquire 89% of the company for 725 million euros. Almost all of the transaction will be resolved with external financing and a minority part with the existing box. The transaction is subject to regulatory authorizations. In this way, the group is reinforced in the newly created space business area. This assessment involves accounting losses of 137 million euros for the Redeia itself. The closure is expected throughout this year.
In a relevant fact sent this Friday to the National Securities Market Commission (CNMV), Indra has announced the signing of an agreement with Redeia (former Electric Red) for the purchase of the 89.68% of Hispasat capitaloperator and satellite service provider. The total import is 725 million euros. The company has assured the financing for an amount of 700 million. It is unknown if everything will be debt or there is a part linked to disinversion of assets. The rest? It will be with the box with which he had.
The transaction, according to Indra, is subject to Compliance with certain conditionsmainly regulatory both in Spain and in other markets. Competition authorities must give green light. It will also have to be approved by the general meeting of the group. It is also Waiting to execute certain agreements so that you can consolidate accounting historySatellite government services operator in areas such as defense, security, intelligence and foreign affairs. Are there deadlines? Redeia is only limited to ensuring that approval will occur throughout 2025.
This will suppose A change in the financial structure of Indra. Until now, the company had maintained a minimum indebtedness policy. That has made its net debt out of 70 million at the end of September with a minimum ratio compared to the gross exploitation result (EBITDA). It had 469 million cash and equivalents. For this 2025 he had maturities of 145 million (and just over 300 million in 2026).
It remains to be seen How those 700 million euros of external financing are distributedabout which he does not detail anything in his communication to the CNMV. The possibility that this acquisition could be partially financed with the sale of MINSAIT Paymentswhose signature has not yet been carried out but was on the table. The other possibility was the entrance of a partner to get a percentage of the entire technological division -a movement that has also generated a lot of internal debate in the dome.
Three -digit disabilities
You have to remember that Redeia paid 933 million euros in 2019 to Abertis For that same percentage 89.68%. From some indra shareholders, the possibility of further lowering the price had been sought. Finally, the cut is 208 million euros. The rest of Hispasat’s shareholders would remain: 7.4% in the hands of the State Society of Industrial Participations (SEPI) – which in turn controls 28% of Indra – and 2.91% of the CDTI.
Redeia ensures in a relevant fact that the Total disability in box is 112 million euros. What is the difference? Basically, the more than 96 million euros of Hispasat charged dividends between 2018 and 2025. The accounting disability is 137 million after taxes. Hispasat generated total net income in 2023 – last with complete data – of 249 million euros compared to the 228 million of the previous year. The profitability was clearly resented by cutting the net benefits up to 30 million.
The company chaired by Beatriz Corredor insists that together with the sale of Reintel in 2022, this operation involves the “culmination” of the group’s strategy in the field of telecommunications collected in the strategic plan 2021-2025 “that ambitioned to maximize the generation of value of your business “in this area. After the closure of the transaction, he reiterates his commitment to a dividend of 0.80 euros per share.
The space business
Just a year agoIndra launched the New space business division With Hispasat at the point of sight. It was one of the measures included in the strategic plan with which I sought to gain integers in this market, just like. They do other giants in the defense sector such as Leonardo or Thales. At that time, the CEO, José Vicente de los Mozos, insisted that the semi -public firm chaired by Pedro Duque and directed by Miguel Ángel Panduro was an option. This acquisition has generated a lot of internal debate within Indra.
Of the young men defended at the last general meeting of shareholders that with this division they seek to cover the entire value chain, from the pitchers and the manufacture, to the radars, the communications to the soil or the operators. The objective was to exceed the 1,000 million euros barrier In this segment for the Exercise 2030. Today, this business barely generated for the group – before the purchase of Hispasat – about 100 million euros, mainly linked to satellites.
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