PARIS — Spanish electric-utility and fiber-optic telecoms operator Red Electrica Corp. paid 933 million euros ($1.04 billion) for satellite fleet operator Hispasat in October 2019. Three months later, it committed 250 million euros for a large satellite to tap the trans-Atlantic aeronautical and maritime markets.

The Covid-19 pandemic arrived a few weeks later in Europe, where Hispasat does a third of its business, and more recently has hit Central and South America, especially Brazil, whose currency has been hit hard.

How . . .

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