Spanish group sells stake in satellite operator to China

Spanish infrastructure group Abertis said on Friday it had sold a 7.0-percent stake in leading European satellite operator Eutelsat to China's sovereign wealth fund.

China Investment Corporation (CIC), which manages the nation's sovereign fund, paid 385.2 million euros ($483 million) for the stake, Abertis said in a statement.

The deal generated net capital gains of 237 million euros, the Spanish firm said.

Abertis, which had already sold a 16-percent stake in Eutelsat in January in a private placement to investors, was left with an 8.35-percent stake in the satellite operator.

"Abertis keeps on reshuffling its holdings in the satellite infrastructure business and strengthening its commitment to growth, specifically targeting projects in which it can take an industry leadership role and a greater financial consolidation," the Spanish firm said.

Source: AFP

Other news