Spain's Abertis has started negotiations to buy Israeli satellite operator Spacecom. It has already offered around €350 million to Eurocom, owned by magnate Shaul Elovitch, which owns 64.5% of Spacecom.
According to the financial newspaper Expansion, Abertis has decided to start expanding again. After several months without large operations, during which the Spanish company has focused on reducing its debt, it is going shopping again.
The company wants to grow through the East European and Middle East markets, in which Spacecom has a consolidated presence. Abertis has started negotiating to buy 64.5% of Spacecom owned by Elovitch, with plans to launch a bid to buy 100% of the satellite company at a later date.
The operation is carried through Hispasat, in which Abertis has 57% of shares. The Spanish satellite operator has been controlled by Abertis since last year.