Redeia’s Board of Directors met this afternoon in Madrid and approved the sale to Indra of its 89.68% stake in the equity of Hispasat, the Spanish satellite operator. The transaction has been finalised at 725 million euros, representing an enterprise value of 966 million euros for the entirety of Hispasat.

This step strengthens Redeia's financial ability to continue driving the energy transition in Spain through its flagship and TSO Red Eléctrica. This will be the main focus of its next Strategic Plan: to deploy and commission infrastructures that will support the future 25-30 Planning, which will be key to meeting the objectives of the Integrated National Energy and Climate Plan. This new roadmap will entail the execution of an unprecedented volume of investments for the company until 2030, enabling the group to continue creating sustainable value for shareholders.

Once it has sold its stake in Hispasat, acquired in 2019, the group will have received a total of 821 million euros, which includes the agreed price plus 96 million euros in dividends received from Hispasat during the period. The transaction involves the recognition of a cash impairment of 112 million euros.

With this divestment, added to the disposal of Reintel in 2022, the group will have achieved the targets set in its current Strategic Plan for the telecommunications sector, having achieved capital gains of around 800 million euros after taxes. Redeia's telecommunications activity will continue to expand in the infrastructure segment through Reintel, which is continuing to show a solid performance.

Following the completion of the transaction, Redeia has reaffirmed its commitment to a minimum dividend of €0.80 per share for the financial years 2024 and 2025.

The sale has been approved by the Board of Directors of Redeia, which met today in Madrid with the participation of independent directors only.

The closing of the transaction, scheduled for 2025, is subject to the approval of the Council of Ministers, competition authorities, and other regulators. ING has acted as the financial advisor to Redeia, and Garrigues has provided legal advice.