Indra Group reaches an agreement with Redeia to purchase 89.7% of Hispasat, including its stake in Hisdesat

Indra Group has reached an agreement with Redeia to acquire its 89.68% stake in Hispasat for the amount of €725 million. The deal also includes 43% of Hisdesat’s stock capital. Indra already possesses 7% of the latter’s shares. The agreement contains a suspensive clause that establishes the mandatory condition of Hisdesat’s financial consolidation in Indra Group’s accounts.

The acquisition is the result of Indra’s desire to guarantee the control of communications in space, a matter of increasing importance in the civil and military worlds. After acquiring 100% of Deimos in 2024, Indra Group is now adding the capabilities of Hispasat and Hisdesat to the development of its Space NewCo, which will be known as Indra Space.

Indra Group’s ambition is to achieve a significant market share in the Spanish and European space sectors. Firstly, it intends to increase its presence in key programs and become a European Tier-1 player. It’s already involved in major initiatives such as IRIS2, Galileo, EGNOS and Copernicus, while it has ambitions to expand into future fields such as Space Surveillance, LEO PNT and state-of-the-art Earth Observation programs.

On the domestic scene, Indra Group is working on critical programs such as SpainSat NG and PAZ to guarantee national sovereignty, and it strives to foster upcoming strategic programs such as Signal Intelligence and SEOT for optical Earth observation.

Furthermore, the integration of Hispasat and the future consolidation of Hisdesat will bring significant synergies to the expansion of Indra Group’s operations and revenues. From an operational standpoint, the integration will permit synergies by standardizing an important number of the elements that make up Indra Space’s operations and harnessing the end-to-end capabilities of the Space NewCo.

By standardizing elements such as avionics, satellite-to-satellite links and other components, Indra Space will streamline production and achieve industrialized manufacturing at scale. This approach will leverage Indra’s industrial expertise to address the growing demand for miniaturized satellites and position Indra Space at the forefront of future satellite technology.

Future growth

Hispasat and Hisdesat are key to Indra Space’s growth. In this regard, Hispasat and Hisdesat have undergone remarkable transformations, evolving into high-tech satellite operators that are perfectly aligned with Indra’s strategic vision.

Looking ahead to 2030, the vision is clear: Hispasat and Hisdesat are set to become true multi-orbital operators, with 85% of their revenues coming from GEO HTS and major roles in cutting-edge space programs such as IRIS², the European multi-orbital initiative.

This transformation isn’t just technological, it’s one that delivers innovation, growth and leadership in the space domain. Its growth is based on its positioning in high-value satellite segments.

Other synergies

The synergies of this agreement will also affect the commercial aspects of the company’s different areas. In defence, satellite technology allows secure communications, real-time surveillance, navigation and early warning systems and support for critical applications such as the multi-domain combat cloud and border surveillance.

In air traffic management, satellite-based communication, navigation and surveillance solutions guarantees smooth and secure aircraft operations and improves efficiency and safety in the world’s airspace. Finally, satellite connectivity facilitates IoT and AI-driven satellite solutions such as rail connectivity, autonomous vehicle operations and infrastructure surveillance, redefining the way in which we monitor and manage mobility fleets and systems.

These synergies are expected to generate an EBITDA worth between 20 and 30 million euros in 2026, with an increase to €50-70 million by 2030.

By 2026, Hispasat and Hisdesat are also expected to be making a significant contribution to Indra Group’s financial targets by generating €400 million in revenues, a figure that results in EBITDA of €190 million and EBIT of €50-million.

The completion of the purchase is expected in the fourth quarter of 2025, subject to regulatory conditions and the approval of Indra Group’s General Shareholders’ Meeting, as well as the execution of the agreements required to enable Indra to consolidate Hisdesat for accounting purposes.

Ultimately, Indra Group’s vision for space revolves around three axes: firstly, to become a Tier-1 European player, one of the leading companies with a global footprint and involvement in major European programs, secondly, to provide end-to-end capabilities across the value chain, with an increasing focus on medium and low orbit MEO/LEO initiatives, and, thirdly, to offer a dual civil-military range of products for secure satellite communications, observation and navigation.

According to Angel Escribano, executive chairman of Indra Group, “today we’re completing another phase of our Strategic Plan by announcing a milestone that’s set to be a cornerstone of the creation of the Space NewCo to be known as Indra Space. The acquisition of Hispasat will guarantee our positioning throughout the value chain and enable us to become the most integrated company in Europe, with end-to-end space mission capabilities”.

According to Indra Group CEO José Vicente de los Mozos, “this is another step towards positioning ourselves at the forefront of the European space industry and achieving our goal of €1 billion in space revenues by 2030. In upstream, Deimos and Indra Espacio will enable Indra Space to lead the design and manufacture of LEO/MEO satellites and ground segment initiatives. Hispasat will drive our secure civilian communications services, while Hisdesat will allow us to provide military communications and surveillance services”.