Eutelsat has agreed to sell its 33.69 per cent stake in Madrid-based Hispasat to Abertis. Abertis is itself in the process of being acquired by Italian infrastructure company Atlantia.

The agreement follows a process initiated in July last year when Eutelsat exercised a pre-agreed ‘PUT’ option on Abertis.

Eutelsat will receive €302 million for its stake, representing an EBITDA multiple of 7.1x based on Hispasat’s 2016 results. The closing of the transaction is subject to Spanish government approval and other customary conditions precedent, and is expected in the second half of calendar year 2017.

Eutelsat’s CEO Rodolphe Belmer has focused this past year on rationalising Eutelsat’s assets.