Telefonica Completes Sale of Remaining Hispasat Stake to Eutelsat

Madrid, Spain, April 22, 2013--Spain’s Telefonica S.A. has sold its remaining shares in DTH provider Hispasat to Eutelsat for €56 million in cash.In its financial filing, Telefonica revealed it had signed a contract with Eutelsat Services & Beteiligungem, GmbH for the sale of its remaining stake in Hispasat, S.A., subject to approval of foreign investment.

The sale follows an agreement signed on January 10 this year in which Telefonica de Contenidos, S.A.U., a wholly-owned company by Telefónica, S.A., sold a total of 23,343 shares in Hispasat to Abertis Telecom for €68 million in cash. At that time, Telefonica also signed a contract with Eutelsat for the sale of its remaining stake in Hispasat, subject to the approval of the Spanish authorities.

Telefonica has now disposed of its 13% stake in Hispasat, leaving Abertis Telecom and Eutelsat as Hispasat’s main shareholders.

According to the filing, Telefonica received €56 million in cash from Eutelsat for the 19,359 shares of Hispasat.

Telefonica said the capital gain for both transactions will be €47 million. Of this, €26 million corresponds to the sale of the shares to Abertis, which has already been recorded in Telefonica’s 2012 results.