Abertis to sell 7% of Eutelsat to China Investment Corp

Spanish infrastructure operator Abertis Infraestructuras SA said Friday it has agreed to sell 7% of French satellite operator Eutelsat Communications to China Investment Corporation.

The Barcelona-based operator of toll-roads, airports and telecommunications infrastructure, said in a filing with the stock market regulator that CIC will pay 385.2 million euros($487 million) for the stake. The transaction will result in a capital gain of EUR237 million for Abertis, which will hold a stake of 8.35% in Eutelsat once the transaction is completed.

Abertis has shed assets in recent months to cut down on debt and is focusing on strategic highway operations.

CIC is a state-owned investment vehicle that seeks to diversify China's foreign exchange holdings. It invests globally on a diversified range of asset classes.

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