Spanish IT firm Indra is reportedly close to acquiring Spanish satellite firm Hispasat.

Citing sources familiar with the situation, El Pais reports the company is finalizing the purchase of satellite operator Hispasat from energy firm Redeia.

The deal is reportedly valued at around €650 million ($679m). The companies haven’t provided comment to the press on the deal.

Founded in 1989, Hispasat operates eight commercial satellites and three government satellites. It provides coverage and services across Europe and the Americas.

Redeia (through Red Eléctrica Corporación) paid Abertis €933 million for an 88.68 percent stake in Hispasat back in 2019.

Founded in 1992, Indra is a Spanish information technology and defense systems company. The firm is 28 percent owned by the Spanish government.

Last year Indra acquired Deimos, a Spanish firm that provides satellite services and technologies with a focus on small satellites, from Elecnor. Indra also set up a new spin-off to serve the space industry.

In other space news:

– Satellite firm Globalstar has announced plans to delist from the New York Stock Exchange and transfer to the Nasdaq. The last day of trading on the NYSE is set for February 10th.

– Spacium, an in-orbit space fueling startup, has secured $6.3 million in a seed round led by Initialized Capital.