TAMPA, Fla. — One among Spain’s biggest defense contractors is considering buying a stake in Madrid-based satellite operator Hispasat, in line with a neighborhood report citing unidentified market sources.
The Cinco Dias economic newspaper reported Dec. 28 that Indra is trying to dump 800 million euros ($880 million) value of technology assets to assist fund the deal.
In response to questions, Indra spokesperson Antonio Tovar said the corporate doesn’t comment on speculation, adding it continues to be working on a strategic plan that it expects to present March 6.
Hispasat didn’t reply to a request for comment.
The satellite operator is majority-owned by Spanish power company Red Eléctrica, which acquired an 89.7% stake for 949 million euros from a non-public equity firm in 2019.
Sociedad Estatal de Participaciones Industriales (SEPI), a Spanish state-holding company, is an investor in Hispasat and Indra.
Hispasat named Pedro Duque, a former Spanish minister of science and Iinnovation, as president of Hispasat Dec. 19 to exchange Jordi Hereu following a proposal from SEPI.
Taking a stake in Hispasat would help Indra play a task in IRIS², Europe’s proposed 6 billion euro sovereign broadband constellation currently out for bids, Cinco Dias reported.
Hispasat is a component of a consortium of European space leaders jointly bidding for work on IRIS², or Infrastructure for Resilience, Interconnectivity and Security by Satellite. The consortium also includes Indra’s European aerospace and defense rivals Airbus and Thales.
Indra employs greater than 56,000 people and reported nearly 3.9 billion euros in 2022 revenues. Its space business currently focuses on military needs, equivalent to satellite communications terminals.
Hispasat lists eight satellites in a geostationary fleet that gives broadband and broadcast services over Europe and the Americas, along with two governmental satellites belonging to its Hisdesat three way partnership.