June 22, 2012 09.45 Europe/London By Julian Clover
China Investment Corporation (CIC) has taken a 7% share in Eutelsat Communications. The state-owned company purchased the stake for €385.2 million from the Spanish infrastructure company Abertis.
Having made €237 million on the transaction, Abertis holds onto a 8.35% stake, from the 16% in acquired in January this year.
CIC has agreed it will not sell on the stake for a minimum of six months.
“Abertis keeps on reshuffling its holdings in the satellite infrastructure business and strengthening its commitment to growth, specifically targeting projects in which it can take an industry leadership role and a greater financial consolidation, as in the case of Hispasat,” Abertis said in a statement.
CIC was established in September 2007 and has $200 billion in Chinese foreign exchange reserves as its capital foundation.
Earlier this week Eutelsat grew its presence in the Asia-Pacific region with the purchase of the GE-23 satellite from GE Capital.
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