Banc Sabadell | Indra (IDR) has notified the National Markets and Competition Commission (CNMC) of its takeover of satellite operator Hispasat and its military branch, Hisdesat, according to press reports.
The notification (which took place on 17 October) marks the start of the first phase of the review of the transaction, during which the CNMC has one month to issue its ruling. Approval is expected to be granted in phase 1 (meaning that the transaction will not proceed to a more detailed review in phase 2), with the closing expected to take place in November. We recall that in February 2025, Indra agreed to purchase 89.68% of Hispasat/Hisdesat from Redeia for €725 million (9.3% capitalisation, leaving leverage at c.1.1x DFN/EBITDA from a DFN 1S’25 of €4 million). Sales would increase by approximately 6% and EBITDA by approximately 30%.
Assessment: News with no impact.
