Sacyr has accepted the proposal presented by an investment fund managed by Morgan Stanley Infrastructure Partners to acquire the entire share capital of its services subsidiary Valoriza Servicios Medioambientales. This divestment is part of Sacyr's strategy to significantly reduce its debt-backed debt and focus on its concessioned infrastructure businesses.
Valoriza Servicios Medioambientales has an enterprise value of 734 million euros, which includes equity and debt. The value of the shares, excluding external minority shareholders, is estimated at around EUR 425 million. During 2022, Valoriza Servicios Medioambientales achieved an EBITDA of 80 million euros.
The final price to be paid at the conclusion of the transaction will be adjusted based on a balance sheet prepared at that date, according to Sacyr.
The transaction is expected to generate capital gains for Sacyr of approximately 270 million euros before tax. The execution of the transaction is subject to the fulfilment of the usual conditions for this type of transaction and is expected to be completed in the fourth quarter of 2023.
Sacyr: concession assets valued at more than 3,000 million euros
Sacyr focuses on the development and management of infrastructure projects in the transport (roads, airports, ports, railways, metro), social services (hospitals, universities, public buildings) and water (integral cycle, desalination, purification and reuse) sectors through public-private partnerships. The company has concession assets valued at more than 3,000 million euros.
Sacyr is currently carrying out divestment processes that will contribute to a drastic reduction of its recourse debt, one of the main objectives established in Sacyr's Strategic Plan for the period 2021-2025.
