SEPI Sociedad Estatal de Participaciones Industriales

The Chairperson of the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI), Mr. Ramón Aguirre, appeared today before the Lower House of Parliament for explaining the sale of the shares in HISPASAT which were held by INTA (16.42%), a transaction in which SEPI took part in its capacity as the managing entity for privatizations.

During his appearance, the highest-ranking officer of the state-owned holding mentioned first the sale of the shares in Hispasat by the Instituto Nacional de Técnica Aerospacial (INTA) to the company Abertis, as SEPI took part in the transaction as it is the entity in charge of managing privatizations.

Mr. Aguirre recalled that Hispasat is a strategic company – since it is the holder of a license granted by the Administration for the indirect management of the special segment – and he detailed the main features of the transaction by which the exclusive control and management of Hispasat is granted to Abertis, while at the same time the rights of the minority shareholders and the public interests are protected.

In this regard, he pointed out that Abertis’ interest in raising its shareholding in Hispasat until reaching 51% goes back to February 2012, when Telefónica and Abertis reached an agreement for the purchase and sale of their shares, with the goal of taking control of the company with a long-term approach and for providing financial capacity for carrying out a growth plan. “It was then when began a negotiation process with the private partners with four goals in mind; promoting a reinforced corporate project; achieving a stable shareholding basis; setting up a new Shareholders Agreement which promoted the Company’s good governance and, of course, obtaining the maximum possible profit with the sale of the shares held by the State”.

For Mr. Aguirre, the achievement of these four goals pursued reconciling two points, as are “the Government’s interest in Hispasat’s growth and at the same time maintaining enough control on the governmental satellite activities through its participation in the Company’s governance and administration”.

Once the final offer by Abertis was submitted on July 23rd for a price of 172.5 M€ (153.5 M€ for the value of the shares and 19 M€ for the control bonus), the sale contract between INTA and Abertis was concluded on July 25th, 2013.