ACS to sell Abertis stake to CVC
11 August 2010
ACS has announced it is to sell a 15.55% stake in concession operator Abertis Infratstructures to private equity investor CVC Capital Partners. It will transfer its remaining stake in the concession operator to a Spanish investment vehicle called Admirabilia, which it controls.
The value of the deal with CVC is € 1,72 billion, which values Abertis at € 11 billion. Funding for the transaction has been arranged through a consortium of banks comprising La Caixa, Santander, Mediobanca and Société Générale.
Abertis operates a variety of infrastructure concessions including highways, car parts, airports, telecommunications networks and logistics parks. Its portfolio of highway concessions comprises more than 6300 km of toll roads in Spain, France and South America. Its airport operating subsidiary, TBI manages eight international airports in Bolivia, Sweden, the UK and US, and has partial management contracts with five other airports in the US.
The company employs more than 11000 people and last year had sales of € 3,94 billion, generating a net profit of € 722 million.
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