Posting at Advanced Television, journalist Chris Forrester is reporting that Red Electra has acquired Madrid-based satellite operator Hispasat.

Red Electra is a Spanish electricity utility company and is buying out Abertis’ 89.7 percent holding in Hispasat for 949 million euros. Hispasat recorded 235 million euros in revenues last year, with profits of 80.5 million euros.

The purchase will leave the Spanish state (via its Sociedad Estatal de Participaciones Industriales) holding 7.4 percent and Spain’s Centre for the Development of Industrial Technology with the remaining 2.9 percent.

Journalist Chris Forrester.

This purchase will require Spanish regulatory approval. Red Electra’s existing telco-related business has revenues of some 330 million euros and manages Spain’s second-largest fiber system.