Indra’s board approves the purchase of 89.68% of Hispasat for 725 million and the renewal of the board

Indra shareholders give ‘green light’ for the purchase of 89.68% of Hispasat from Redeia for 725 million euros at the extraordinary meeting held this Friday. Once the approval has been received from the National Markets and Competition Commission (CNMC) and this procedure has been completed, it is taken for granted that the operation will also obtain the approval of the Government before the end of the year, which must authorize it in the Council of Ministers, given that the State is the main shareholder of Indra with 28% of the share capital through the State Industrial Participation Company (SEPI).

Ángel Escribano, president of the company, has addressed the shareholders to highlight this operation that will also allow the takeover of the military satellite branch, Hisdesat. “It drives us to become one of the European leaders in the space sector and to increase our presence in international markets. Large projects require large alliances and we believe that this is one of them. Hispasat will provide Indra with fundamental strategic advances,” he highlighted before adding that his company is positioning itself “in the small group of European companies with end-to-end capabilities in satellite communications and observation.”

The referendum on this operation, however, has faced a moment of tension led by the minority shareholder Manuel Revuelta who, as El Independiente already reported, has expressed his opposition to this movement. “Buying Hispasat is like entering the aeronautical business wanting to be Airbus and we bought Iberia; it has its uses, but not so much money” he questioned before assessing that “Hisdesat is vital, that is not discussed.” “There is talk of having a great national champion, and you have mentioned it and therefore I address all of this, it is a story to tell, but it is not a real story. All you are doing is absorbing all the money from the ecosystem, impoverishing the rest through the SEPI government,” he lamented.

At this same meeting, shareholders have also voted on several changes to the company’s highest decision-making body. One of the key points has been the re-election of Juan Moscoso – whose term expired on October 28 – as proprietary director representing SEPI, which maintains two members on the board. Likewise, the continuity of the independent directors Belén Amatriain, Virginia Arce and Bernardo Villazán, whose mandates had also expired, has been voted, along with the ratification and re-election of María Teresa Busto, incorporated at the end of September after the resignation in July of Ángeles Santamaría. In this context, shareholders have also valued the appointment of María Aránzazu Díaz-Lladó as independent director.

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