The purchase of Hispasat will allow Indra to take control of Hisdesat, the military region designated for satellite operations, thus strengthening its capacity in strategic sectors. As reported by Europa Press, Indra’s board of directors and its shareholders have approved the acquisition of 89.68% of Hispasat for €725 million, a transaction considered key to the company’s expansion into the aerospace and defense fields in Spain.
During the extraordinary meeting, Indra President Angel Escribano described the integration of Hispasat as a strategic advance that responds to the need to establish broad alliances to implement large projects. According to Europe Press, the company’s CEO, José Vicente de los Mozos, said that this acquisition was positioned as a central element for the development of Indra Space, the new subsidiary focused on the space sector. Furthermore, de los Mozos explained that transferring technologies and strengthening presence in the field of secure communications and surveillance will strengthen national sovereignty and data protection, in a context where space is gaining increasing value in both civilian and military applications.
In addition to taking control of Hispasat, the operation includes taking control of Hisdesat, which is responsible for managing the military aspects of satellite services. The move will allow Indra to strengthen its presence in air traffic management, defense and mobility, areas where the interconnection between the civil and military spheres is increasingly important, Europa Press explained.
The acquisition, worth 725 million euros, was also conditional on the approval of the National Commission for Markets and Competition, which has already ratified the operation, according to Europa Press. Final approval now depends on the Council of Ministers, a process that is expected to be completed before the end of this year. State participation is of great importance in this process, because the State Society for Industrial Participation (SEPI) owns 28% of the shares in Indra, which translates into a position of influence in the strategic decision-making process.
Within the framework of the shareholders’ meeting, important changes to the structure of the Board of Directors were presented. Among the renewals approved, the renewal of Juan Moscoso, who was re-elected to represent SEPI after the expiration of his term, stands out, and the renewal of independent representatives Belén Amatriain, Virginia Arce and Bernardo Villazán, who renewed their membership after the expiration of their term. In addition, the position of María Teresa Busto, which was consolidated in September following the departure of Ángeles Santamaria, has been consolidated, and María Aranzazu Díaz Lado Prado has been appointed as the new independent director.
An attempt to include Mónica Espinoza Caldas on the council was unsuccessful when the candidate reported the impossibility of accepting the position after the intervention of Endesa, one of Endra’s agents. Europa Press quoted sources from the electricity company that Espinosa, who had early retirement at the time, was subject to conditions that prevented her from being part of the administrative bodies of the supplying companies, as is the case with Indra. Because of this situation, the Board of Directors will temporarily reduce the number of its members to fifteen members, the percentage of independent directors will decrease to 46.66%, and the female presence will decrease to 33.33%. Given this situation, the company announced the start of the process of selecting a new independent director, a task that will be carried out by the Nominations, Remuneration and Corporate Governance Committee, with specialized external consultations. Once this procedure is completed, the Board of Directors will present the new proposals at the next shareholders meeting to restore balance in representation.
Indra specified, as reported by Europa Press, that both María Aranzazo Díaz Lado Prado and the future independent director will fill the seats left vacant by Coloma Armero and Olga San Jacinto, since their renewal has not been proposed after the expiration of their terms at the end of October. Diaz Lado, who holds a degree in Business Administration from the European Business Programme, currently heads the Sustainability area at Twinco Capital and participates in the governing bodies of Cirsa and ATAM, in addition to having a professional career at Telefónica and consulting for international organizations such as the United Nations and the European Commission. Indra also highlighted her work in academia as a teacher at the University of Navarra.
The company stated that it seeks to form a Board of Directors consistent with the objectives set after the acquisition of Hispasat and in the context of the merger with Escribano Mechanical & Engineering (EM&E). Europa Press noted that the group’s president, Angel Escribano, shares ownership of EM&E with his brother Javier Escribano, president of this company, who is also a member of Indra’s board of directors. To manage potential conflicts of interest resulting from this relationship, Indra established a specific committee, headed by Belén Amatriain, according to the media.
De los Mozos, CEO of Indra, emphasized that the alliance with Hispasat allows the company to participate in initiatives such as the European Commission’s Iris2 programme, which aims to develop a constellation of European sovereign satellites. He also highlighted the growing “technological disruption” in the space sector, with private investments representing a trend for long-term sustainable growth. He noted that these circumstances highlight the complementarity between Indra’s business lines and satellite operations, as the integration of civilian and military technologies opens new opportunities for managing and protecting key infrastructures.
The extraordinary meeting brought together the participation of 66.98% of Indra’s capital, which reflects great interest in the direction and future of the company after a process that is considered a reference in the field of national business and the scientific and technological field, according to data published by Europa Press.