October 31, 2007 14:55 ET


The completion will be subject to the approval of the Ministerial Cabinet

Agreement formalised for acquisition of 28.4% of capital in Spanish satellite operator

BARCELONA, SPAIN--(Marketwire - October 31, 2007) - abertis, through its telecommunications subsidiary abertis telecom, has reached an agreement with ENSAFECA Holding Empresarial (formerly Auna) and BBVA, - private shareholders of Hispasat - to acquire a 28.4% stake in the Spanish satellite operator. The agreement is subject to the authorisation of the Council of Ministers, without which it will not be effective, and the authorisation of the competition authorities.

With this agreement, abertis telecom will acquire the shares controlled by ENSAFECA (17.6%) and BBVA (10.8%).

As it was already reported to the Spanish Securities Commission (CNMV) on 11th June, over the last few months abertis telecom has maintained conversations with the Spanish private shareholders of Hispasat in order to study the acquisition of their participations once they had indicated an interest in selling.

abertis telecom will invest 199 million euros in this acquisition. The transaction will be financed by drawing down on short-term cash lines available and later refinanced.

Hispasat currently has a fleet of five communications satellites located in orbital positions which offer coverage to Europe and the American continent and which reach 100% of the global Spanish- speaking market and 90% of the Portuguese-speaking market. In 2006, Hispasat recorded revenues of some 120 million euros, EBITDA of 89 million euros and net profits of 24.5 million euros.

abertis telecom's entry into Hispasat will consolidate the strategy initiated with the acquisition in January 2007 of 32% of Eutelsat (also a Hispasat shareholder), intended to complement abertis telecom's position in the terrestrial signal transport network with the satellite transmission network, and to expand the geographic base of abertis' telecommunications business activities.

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