Indra Group reaches agreement with Redeia to acquire 89.7% of Hispasat
Indra Group has reached an agreement with Redeia to acquire its 89.68% stake in Hispasat for 725 million euros, which also includes 43% of the share capital of Hisdesat.
Indra already had a 7% stake in the latter. This agreement contains a suspensive clause that establishes as a mandatory condition the financial consolidation of Hisdesat in the accounts of the Indra Group.
The acquisition is in line with the Indra Group's objective of ensuring control of communications in space, which is of growing importance in both the civil and military worlds. After acquiring 100% of Deimos in 2024, the Indra Group is now adding the capabilities of Hispasat and Hisdesat to the development of its Space NewCo, which will be called Indra Space.
The ambition of the Indra Group is to achieve a significant market share in the Spanish and European space sector. Firstly, it aims to increase its presence in key programmes to become a European Tier-1. It is already positioned in important initiatives such as IRIS2, Galileo, EGNOS and Copernicus, and has the ambition to expand into future opportunities such as Space Surveillance, LEO PNT and next-generation Earth Observation programmes.
At a national level, the Indra Group is already working on critical programmes such as SpainSat NG and PAZ to guarantee national sovereignty and aims to promote the next strategic programmes, such as Signal Intelligence or SEOT for optical Earth observation.
On the other hand, the integration of Hispasat and the future consolidation of Hisdesat also brings important synergies for the growth of Indra Group's operations and revenues. From an operational point of view, the integration allows synergies by standardising an important part of the elements of the operations carried out by Indra Space, by taking advantage of the end-to-end capabilities of the NewCo of Space.
By standardising elements such as avionics, links between satellites and other elements, Indra Space will streamline production and achieve industrialised manufacturing at scale. This approach leverages Indra's industrial expertise to meet the growing demand for miniaturised satellites and positions Indra Space at the forefront of future satellite technology.
Future growth
Hispasat and Hisdesat are key to the growth of Indra Space. In this sense, Hispasat and Hisdesat have undergone a remarkable transformation, evolving into high-tech satellite operators that align perfectly with Indra's strategic vision.
Looking ahead to 2030, the vision is clear: Hispasat and Hisdesat are destined to become true multi-orbit operators, with 85% of their income coming from GEO HTS and a strong role in next-generation space programmes such as IRIS², the European multi-orbit initiative.
This transformation is not only technological, but also one of 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 also affect the commercial side of the company's different areas. In defence, satellite technology enables secure communications, real-time surveillance, navigation and early warning systems, supporting critical applications such as multi-domain combat cloud or border surveillance.
In air traffic management, satellite-based communication, navigation and surveillance solutions ensure smooth and safe aircraft operations, improving efficiency and safety in global airspace. Finally, satellite connectivity enables satellite solutions driven by IoT and AI, such as railway connectivity, autonomous vehicle operation or infrastructure surveillance, redefining the way we monitor and manage fleets and mobility systems.
These synergies are expected to generate between 20 and 30 million euros of EBITDA in 2026 and to grow to 50-70 million euros in 2030.
It is also expected that by 2026, Hispasat and Hisdesat will contribute significantly to the Indra Group's financial objectives, generating 400 million euros in revenue, which translates into 190 million euros of EBITDA and 50 million euros of EBIT.
The acquisition is expected to be finalised in the fourth quarter of 2025, subject to regulatory conditions and approval by the Indra Group's General Shareholders' Meeting, as well as the execution of the necessary agreements for Indra to consolidate Hisdesat for accounting purposes.
In short, the Indra Group's vision for space is centred on three pillars: the first is to become a Tier-1 European player, one of the main companies with a global footprint and a presence in the main European programmes; the second is to offer end-to-end capabilities along the value chain, with an increasing focus on medium and low orbit (MEO/LEO) initiatives; and thirdly, to offer a dual civil-military offer for secure satellite communications, observation and navigation.
For Ángel Escribano, executive president of the Indra Group, ‘today we take another step forward in the fulfilment of our Strategic Plan, announcing a milestone that is a cornerstone in the creation of the space NewCo that will be called Indra Space. The acquisition of Hispasat will now ensure our integrated positioning throughout the value chain to be the most integrated company in Europe with capabilities to carry out end-to-end space missions’.
According to the CEO of the Indra Group, José Vicente de los Mozos, ‘this is another step towards positioning ourselves at the forefront of the European space industry and achieving our ambition of 1 billion euros 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. For its part, Hispasat will promote our secure civil communications services, and Hisdesat will enable us to provide military communications and surveillance services’.