January 27, 2021

Glovalvia is done with Itínere in full battle with Corsair | Economy

Glovalvia is done with Itínere in full battle with Corsair | Economy



Globalvía ​​has taken 40% of Itínere in the middle of the battle waged over the control of this company with the Corsair fund, which until now was the first shareholder of the highway company with 38% of its capital, according to the concessions group. . Globalvía, chaired by Juan Béjar, has closed the purchase of the shares that Abanca and Kutxabank had in Itínere, 23.8% and 16.3% respectively, for the agreed amount of 521 million.

The transaction is the result of agreement that Globalvía ​​reached at the end of last July with these two banks and with Sacyr to buy their percentages in Itínere, which amounted to 55.6% of the capital of this company. However, the construction company, unlike the two entities, has not materialized the sale of its 15.5%. Globalvía ​​has already announced legal measures against the company, to which it will claim compensation of 100 million euros.

The struggle for control of Itínere thus faces a new stage and, for the moment, the company presided over by Manuel Manrique is in the middle of the "war" for the signing of freeways that Corsair and Globalvía, which has already arrived, are fighting. to the courts. In fact, the reason why Sacyr would not have formalized the sale agreement to Globalvía ​​reached in July derives from the precautionary measures in relation to the transaction of this participation that both Corsair and Globalvía ​​have managed to dictate courts.

Official sources of the construction company declined to comment on this operation. The July agreement between Globalvía ​​and the three referred Itínere partners had not yet closed pending the mandatory period so that Corsair, as the first shareholder, exercised its preferential right to purchase. Corsair decided to propose a counter-offer, but only launched it to Sacyr's participation, contrary to Globalvía's criterion that the counterproposal should be on equal terms with his, that is, extended to all partners.

Globalvía ​​then went to court and got a court to order precautionary measures. These measures prevented Sacyr from ruling on Corsair's offer and selling its stake. However, this shareholder fund of Itínere also appealed to the courts and obtained the corresponding precautionary measures to prevent a sale to the other party.

Globalvía ​​is interested in getting hold of Itínere due to its growth strategy. He has recently purchased assets in the United States, Portugal and Chile. In case of getting hold of Itínere, it would add a portfolio of 32 assets, of which 25 would be toll roads, and would increase its turnover to 700 million euros.

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