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Finance

Spain's defence company Indra buys satellite operator Hispasat

Published by Global Banking and Finance Review

Posted on January 31, 2025

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MADRID (Reuters) - 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.

($1 = 0.9638 euros)

(Reporting by Inti Landauro and Ana Cantero; Editing by Alistair Bell)