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Hispasat official announcement on the acquisition of 100% of AXESS Networks

Hispasat S.A., a company 89.68% owned by Red Eléctrica Sistemas de Telecomunicaciones S.A.U.,  and entirely owned subsidiary of Red Eléctrica Corporación, S.A. (“Redeia”), announced on March 21, 2022 the agreement reached with all the participants to acquire 100% of their shares in AXESS Networks. The closing of the transaction was subject to obtaining the relevant authorizations and other conditions precedent.

On August 9, 2022, after obtaining all the necessary authorizations and fulfilling the conditions, the parties have proceeded to complete the closing of the transaction, with Hispasat holding, as of this date, of 100% of the shares of this company and, therefore, consolidating it by global integration. The price paid for 100% of the capital stock finally amounted to 95.6 million US dollars.

The acquired company’s net financial debt is estimated at US$24 million and the minority interests in its Chilean subsidiary are valued at approximately US$4.5 million.

AXESS Networks is valued at approximately US$124.1 million. Estimated EBITDA for 2022 amounts to US$17.2 million, which represents an estimated company valuation multiple of 7.2x.

The acquisition will be financed with a combination of available funds and external financing from Hispasat, S.A., with no financial recourse to its shareholders. AXESS Networks is a telecommunications company specialized in providing satellite services and solutions for the corporate market (telcos and large companies) and public administrations. It operates in Latam (Colombia, Mexico, Peru, Ecuador, and Chile) and EMEA (mainly Africa and the Middle East).

The acquisition of AXESS Networks is part of the investment plan and actions defined in the 2021-25 Strategic Plan for Redeia’s satellite business, aimed at providing Hispasat with a greater presence in the value chain of managed satellite services in its target markets, thus bringing greater proximity to the customer, adaptability and rapid evolution of its service portfolio.