Spain’s Indra to buy Hispasat from Redeia for $679 million, El Pais reports

MADRID (Reuters) – Spanish defence and technology company Indra was set to buy satellite operator Hispasat from Redeia for 650 million euros ($679 million) to expand in the space industry, daily newspaper El Pais reported on Friday, citing unnamed sources with knowledge of the situation.

Indra and Redeia are close to a deal and the transaction will be submitted to their respective boards for approval “imminently”, the newspaper said.

Indra is mainly interested in Hispasat’s military unit, according to El Pais.

Redeia did not immediately respond to a Reuters request for comment. Indra declined to comment.

Indra, which is 28% owned by the Spanish government, has recently focused on its defence and aerospace businesses to benefit from European countries’ increased military budgets following heightening world tensions.

($1 = 0.9568 euros)