Abertis, via its subsidiary Abertis Telecom Satélites, has reached an agreement with Red Eléctrica Corporación to sell its 89.7% stake in Hispasat for EUR949 million (US$1.07 billion).

HISPASAT is a Spanish satellite communications operator, the leading distributor of content in Spain and Portugal and the fourth largest satellite operator in Latin America. The company distributes more than 1,250 television and radio channels through its fleet.

The transaction, which is subject to approval by the Spanish cabinet, the Spanish and Portuguese competition authorities and other standard regulatory authorisations, is expected to be completed in the first half of 2019.

Following this transaction, once the corresponding administrative authorisations have been obtained, Abertis will have no stake in Hispasat. This is in keeping with the company's strategy to become a pure toll road operator.

Net proceeds from this divestment shall be used to partially prepay the short-term bridge to disposals debt facility drawn for the acquisition of Abertis.