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Eutelsat Communications (EN Paris: ETL) said it is divesting its stake in Hispasat SA by exercising a put option granted in 2008 by Hispasat’s majority shareholder, Spanish conglomerate Abertis Group (BMAD: ABE), which controls 57% of the company. Eutelsat holds a 33.69% stake in Hispasat through its subsidiary, Eutelsat Services und Beteiligungen GmbH. Under the terms of a put option agreement, the value of the Hispasat stake will be determined by an independent expert, says Eutelsat, with the deal subject to Spanish government consent. Abertis said it disputes the validity of the put option and does not recognize the transaction, as it would be inconsistent with a shareholders agreement in effect until July 2017. The remaining minority stake in Hispasat is owned by Spain’s Sepi (7.41%), and the Center for the Development of Industrial Technology (1.85%), which are also part of the shareholders agreement. Hispasat is the world’s ninth largest satellite operator, leader in the content distribution in Spanish and Portuguese languages. The company has six orbital positions and seven operational satellites, plus three more under construction. Hispasat maintains an important presence on the Iberian Peninsula and in Latin America, where it is now the fourth largest satellite operator. Founded in 1989, the company has solidly positioned itself in high growth markets and has a stable strategic client base. Hispasat distributes more than 1,250 television and radio channels through its powerful fleet of satellites and is a key driver for the Spanish aerospace industry. Eutelsat, founded in 1977, is one of the world’s leading operators of communications satellites. The company provides capacity on 39 satellites to clients that include broadcasters and broadcasting associations, pay-TV operators, video, data and Internet service providers, enterprises and government agencies. Eutelsat’s satellites provide ubiquitous coverage of Europe, the Middle East, Africa, Asia-Pacific and the Americas, enabling video, data, broadband and government communications to be established irrespective of a user’s location. Headquartered in Paris, with offices and teleports around the globe, Eutelsat has 1,000 employees. Abertis Infraestructuras SA is a global market leader in the management of toll roads, managing more than 8,300 kilometers of high capacity roads, with a presence in 12 countries in Europe and the Americas. Currently, around two thirds of the group’s revenue is generated outside Spain. Abertis is the first national toll road operator in Spain and Chile, and has a prominent presence in France, Brazil and Puerto Rico. The company also has a stake in more than 700 kilometers through different concessionaires in the United Kingdom, Argentina and Colombia. Abertis is part of the IBEX-35 index and is traded on the Madrid Stock Exchange. The company was founded in 2003 and its headquarters are in Barcelona, Spain.]]>