Telefonica closes Hispasat sale

Telefonica has completed its sale of Spanish satellite operator Hispasat by selling its remaining stake in the business to Eutelsat for €56 million. 

The move comes after Telefonica sold just over half of its holding in Hispasat, 23,343 shares, to Abertis Telecom for €68 million in January.

At the same time it agreed to offload its remaining 19,359 share stake to Eutelsat, subject to foreign investment approval, which was agreed last week.

In a financial filing, Telefonica said the capital gain for both transactions will be €47 million. Of this, €26 million corresponds to the sale of the shares to Abertis, which has already been recorded in Telefonica’s 2012 results.