This Tuesday Indra closed the purchase of 89.68% of Hispasat Redeia (REE) for 725 million eurosas reported by both companies in separate statements sent to the National Securities Market Commission (CNMV).
«Representatives of Indra and Redeia have formalized the closing of the sale, once the suspensive conditions, of an essentially regulatory nature, necessary in the different countries in which Hispasat operates, have been met, and after the operation was approved by the Council of Ministers, on December 16, and by the General Meeting of Shareholders of Indra, on November 28,» Indra detailed.
«This acquisition is part of the ‘Leading the Future’ strategic plan announced to the market, with the aim of Indra Group consolidating itself as the benchmark in the satellite industry in Spain, with a vertically integrated strategy and a strong commitment to defense through the consolidation of the company Hisdesat Servicios Estratégicos (…) and its participation in the IRIS2 program (the European secure satellite connectivity system),» he added.
The operation, which also includes taking control of Hisdesat –the military satellite branch of Hispasat–, rreceived the approval of the Government in the Council of Ministers on December 16although it had previously obtained the support of the National Markets and Competition Commission (CNMC), the approval of Indra’s shareholders and the mandatory authorizations in the different countries in which the company operates.
With the integration of Hispasat and the consolidation of Hisdesat «they generate important synergies for the growth of Indra Group’s operations and income«says the company. By standardizing elements such as avionics, links between satellites and other elements, Indra Group will streamline production and achieve industrialized manufacturing at scale, which will allow it to meet the growing demand for miniaturized satellites, placing the company at the forefront of satellite technology of the future.»
The space sector is one of the markets that the company has opted for in its shift towards defense. It is worth remembering, for example, that the Government granted a loan of 1,011 million euros at 0% interest to Hisdesat to pre-finance the ‘PEACE 2’ program, included in the State’s plans for military modernization. This program consists of two satellites that will serve to improve the Earth observation capabilities currently provided by the ‘PAZ 1’ satellite, in service since 2018 and whose useful life is expected to end at the end of this decade.
Likewise, among the most relevant projects in which Hispasat participates is the aforementioned IRIS2, considered one of the European Union’s flagship programs in terms of secure connectivity and with which it is expected that by 2030 a constellation of 290 new low Earth orbit (LEO) and medium Earth orbit (MEO) satellites will be in service.
This project, in which Hispasat participates through a consortium called SpaceRISE and also made up of Eutelsat and SES, will have 6.5 billion euros of public funds from the European Commission, the EU Member States and the European Space Agency.
In this sense, Hispasat is responsible for designing, developing and implementing the ground segment of IRIS2, that is, all the facilities necessary for the management and operation of the different orbital layers of the constellation, as well as the interconnection with terrestrial networks.