Indra has announced the formalization of the payment of 725 million euros for the acquisition of 89.68% of Hispasat, the satellite manager until now controlled by Redeia, before the end of 2025. After the November transaction in which the operation was approved, the president of Indra, Ángel Escribano, defined it as one of the “great alliances” aimed at strengthening the group’s industrial and technological capacity in the space sector.
To carry out the purchase, Indrá secured financing with euros granted to it by BBVA and BNP Paribas. The role of the banks is decisive in an operation of this type, where the debt represents almost the entire amount of the operation, which was advised by AZ Capital, Citi and ING. Gómez Acebo & Pombo and Garrigues have intervened in the legal part.
The operation, , represents an accounting loss for Redeia of 137 million euros after taxes. In 2019, the company bought 89% of Hispasat from Abertis for 933 million euros, a figure higher than that currently agreed with Indra.
The decline in valuations reflects the change in scenario in the satellite sector in recent years. The emergence of large American operators has put downward pressure on the value of these companies. Starlink, the firm of the American magnate Elon Musk (Tesla) or Proyect Kuiper, the satellite company developed by Jeff Bezos (Amazon), have entered with great force thanks to the launch of hundreds of low orbit satellites, which are more suitable for certain uses, which leaves less room for maneuver for other companies such as Eutelsat or Hispasat. However, the latter are trying to reduce that gap and catch up with their American competitors. Furthermore, the strategic autonomy objectives of Brussels, which has placed security and defense among its political priorities, also contributes to giving more opportunities to European satellite companies.
Structural Reorganization
Indra Group has reorganized the management structure of Indra Space, Hispasat and Hisdesat, the military subsidiary in which it maintains a majority stake. The group, chaired by Ángel, seeks to provide new leadership with the aim of consolidating itself as one of the main players in the space sector in Europe.
To this end, the company has appointed Miguel Ángel Panduro, until now CEO of Hispasat, as the new director of Indra Space, who will report to the president and CEO of the group. Luis Mayo Muñiz will take over as CEO of Hispasat, and Ana Maria Molina will become CEO of Hisdesat.
Panduro is a manager with more than 35 years in the telecommunications and defense sectors who has transformed Isdefe and consolidated Hisdesat as a benchmark in satellite services for defense and security. As CEO of Hispasat, he promoted the expansion of the value chain and participation in the SpaceRise consortium for the IRIS program, the European secure satellite connectivity system.
Following this appointment, the until now director of Indra Space, Luis Mayo Muñiz, will assume the position of CEO of Hispasat. Mayo has more than 20 years of experience in high-tech sectors and has led companies and participated in European programs. Ana María Molina, until now corporate general director of Hispasat, takes on the position of CEO of Hisdesat. Molina has more than 30 years of experience in telecommunications and defense and has held senior management positions at Hisdesat, Isdefe and the Ministry of Defense. At Hispasat, he has been responsible for key areas such as Strategy and Business Development.
