July 25, 2021

ACS and Atlantia are the companies with which they will take control of Abertis

ACS and Atlantia are the companies with which they will take control of Abertis



ACS and Atlantia have constituted the two instrumental societies through which they will hold the control and joint management of Abertis. The two firms of the group chaired by Florentino Pérez and the company owned by the Benetton family have been registered in the Mercantile Registry.

In this way, the two companies take another step towards the completion of the joint takeover of the motorways company, a process that is expected to close next week, when it is expected to sign the financing of the operation, a 'macrosindicated' of 10,000 millions of euros with thirty banks.

ACS and Atlantia have finally had to establish two instrumental firms. One of them will channel its shares in Abertis and the other one the minority partners that this company still has, those who did not go to the Opa or to the subsequent permanent purchase order of shares.

As for the control company, Atlantia will have 50% of its capital plus one share, and therefore will consolidate it in its accounts. ACS will take another 30% and its German subsidiary Hochtief, the remaining 20%.

The three partners will capitalize this firm with an injection of a total of 7,000 million euros, an amount to which they will contribute based on their participation.

Subsequently, the joint signature will sign with the aforementioned syndicate of thirty banks a loan of 10,000 million euros.

With the sum of the two amounts, the instrumental company 'will buy' Abertis from Hochtief, a subsidiary of ACS that was in charge of taking over the concession group through an Opa valued at 18,181. This was established in the agreement that the Spanish construction company and the Italian company reached in March to put aside their 'war' of Opas by the company and go to take it together.

Spanish banks contribute 1 billion

As for the loan, it has the participation of four Spanish entities, Santander, BBVA, Bankia and CaixaBank, which will contribute a total of 1,095 million euros.

The loan will be structured in three tranches, two of which are expected to be amortized through the sale of Abertis assets that are not considered strategic (Cellnex and Hispasat) and another with bond issues.

With their agreement to jointly buy Abertis, ACS and Atlantia intend to form a "world leader" of construction and exploitation of large infrastructures, a group with which to compete for a portfolio of projects valued at around 200,000 million euros in markets considered strategic, like the United States, Australia and Europe.


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