Spain’s defence company Indra agreed to buy 89.7% of satellite operator Hispasat from Redeia for 725 million euros ($752.26 million), the company said on Friday in a filing to the stock market regulator.
The deal still requires regulatory approvals.
Government-controlled Redeia, principally engaged in the energy sector, focuses on the management and operation of high-voltage electricity transmission grids.
Indra, which is 28% owned by the Spanish government, has recently focused on its defence and aerospace businesses to benefit from European countries’ increased military budgets following heightening world tensions.
Source: Reuters.com