SOURCE: ABERTIS INFRAESTRUCTURAS, S.A.

January 23, 2007 07:36 ET

ABERTIS COMPLETES ITS PURCHASE OF 32% OF SATELLITE OPERATOR, EUTELSAT

BARCELONA, SPAIN -- (MARKET WIRE) -- January 23, 2007 -- - The operation has gone ahead now that all anti-trust requirements have been complied with.

- The transaction, which requires a total investment of EUR 1.070Mn has been financed with a bridge loan taken out with six banks.

- Abertis Telecom has obtained four members on the Board of Directors of Eutelsat Communications.

- With revenues of EUR 791Mn and EBITDA of EUR 617Mn, Eutelsat Communications is the world's third largest satellite operator, with a market share of 30% in Europe and 13% worldwide.

- The deal, to be executed via abertis telecom, will project abertis' telecommunications business internationally, complement abertis telecom's terrestrial technology with a transmission network via satellite and consolidate abertis' active presence in France as a diversified transport and telecommunications infrastructure operator.

Barcelona, January 23, 2007.- abertis, through its telecommunciations subsidiary abertis telecom, has completed the purchase of 32% of European satellite operator, Eutelsat Communications, via a cash payment of EUR 1.07bn. The transaction has been financed with a bridge loan taken out with la Caixa, BSCH, Citibank, Barclays, RBS and HVB (Unicredito group).

The operation has gone ahead now that all anti-trust requirements have been complied with. The deal makes abertis telecom the leading shareholder of Eutelsat Communications, the third largest satellite operator in the world with a market share of 30% in Europe and 13% world wide, with a fleet of 23 satellites in geo- stationary orbit.

abertis telecom has obtained four directors -out of ten - on the board of Eutelsat Communications, the same number held by the shareholders having sold a total of 32% stake of the share capital: Nebozzo (Texas Pacífic Group, Spectrum), Cinven and Goldman Sachs.

The new shareholder structure of Eutelsat Communications is:

abertis telecom: 32%

Eurazeo and affiliates*: 25.5%

Others including free-float: 42.5%

*Pending formalisation of the Eurazeo's 25.5% stake transfer to Caisse des Dépôts, announced on December 7, 2006.

A qualitative leap for Abertis Telecom

The entry of abertis telecom in Eutelsat marks a significant qualitative leap in abertis' telecommunications subsidiary's growth strategy. It is a major step in terms of international expansion, marking abertis telecom's first foray beyond Spain and underpinning the strategic decision to take all the abertis group's businesses to France. The deal is an equally important quantum leap in terms of technology as it complements abertis telecom's strong presence in wireless and terrestrial signal transmission with a satellite transmission network.

In its last fiscal year, ended June 30, 2006, Eutelsat recorded revenues of EUR 791Mn, EBITDA of EUR 617Mn (78% margin) and net profit, before extraordinary items, of EUR 102Mn. In the last four years the company has invested EUR 844Mn. In relation to key financial indicators, it is important to highlight Eutelsat's long- term customer order backlog, which currently stands at EUR 4,000Mn.

Operating activities, at June 30, 2006 break down in terms of magnitude as follows: 67% of Eutelsat's revenues are generated from Video Applications 21% from Data and Value-Added Services, 9 % from Multi-usage and 3 per cent from other activities.

Eutelsat is one of the main shareholders of Hispasat, the Spanish satellite service provider, with a 27.7% stake.

Impact on abertis key indicators

The hypothesis of a proportional consolidation (32%) of the main financial indicators of Eutelsat in abertis strengthens abertis telecom's position as the second largest business within abertis with revenues and EBITDA that account for 18% and 16% of the group total, respectively.

Breakdown of revenues

+----------+-----------------+--------------+
|          |Without Eutelsat |With Eutelsat |
+----------+-----------------+--------------+
|Motorways |             76% |          70% |
+----------+-----------------+--------------+
|Telecom   |             11% |          18% |
+----------+-----------------+--------------+
|Airports  |              8% |           8% |
+----------+-----------------+--------------+
|Car parks |              4% |           3% |
+----------+-----------------+--------------+
|Logistics |              1% |           1% |
+----------+-----------------+--------------+
+----------+-----------------+--------------+
Breakdown of Ebitda
+----------+-----------------+--------------+
|          |Without Eutelsat |With Eutelsat |
+----------+-----------------+--------------+
|Motorways |             85% |          77% |
+----------+-----------------+--------------+
|Telecom   |              8% |          16% |
+----------+-----------------+--------------+
|Airports  |              4% |           4% |
+----------+-----------------+--------------+
|Car parks |              2% |           2% |
+----------+-----------------+--------------+
|Logistics |              1% |           1% |
+----------+-----------------+--------------+
+----------+-----------------+--------------+
Eutelsat

With capacity commercialised on 23 satellites that provide coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas, Eutelsat is one of the world's three leading satellite operators in terms of revenues. At 31 December 2006 Eutelsat's satellites were broadcasting over 2,400 television channels, of which over 1.000 channels were broadcasting via its HOT BIRD™ video neighbourhood which serves more than 120 million cable and satellite homes in Europe, the Middle East and North Africa.

The Group's satellites also serve a wide range of fixed and mobile telecommunications services, TV contribution markets, corporate networks, and broadband markets for Internet Service Providers and for transport, maritime and in-flight markets. Eutelsat's broadband subsidiary, Skylogic, markets and operates services through teleports in France and Italy that serve enterprises, local communities, government agencies and aid organisations in Europe, Africa, Asia and the Americas. Headquartered in Paris, Eutelsat and its subsidiaries employ 490 commercial, technical and operational experts from 27 countries.

Eutelsat Communications is listed on the French equities markets and is part of the following Euronext Paris indices: SBF 120, SBF 250, CAC MID 100, CAC Small 90, CAC AllShares and IT CAC.

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