Fri. Apr 19th, 2019

Goldman, Natixis and Société prepare the flotation of the ACS renewables

Goldman, Natixis and Société prepare the flotation of the ACS renewables


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MadridUpdated:

Goldman Sachs, Natixis and Société Générale are studying the possible flotation of ACS's renewable assets, a operation that is in a preliminary phase of study and whose assets are valued at around 2,000 million euros.

The group presided over by Florentino Perez has explained to the CNMV that it is evaluating taking a stock market company that would group a group of photovoltaic, wind, solar thermal and other sustainable assets, both in operation and in development and promotion, managed by its subsidiary Cobra.

In addition, ACS emphasizes that neither the company's social bodies nor those of Cobra have adopted any "formal" decision in this regard, given that the operation is in the preliminary phase of study and analysis.

The Cobra group, which employs more than 35,000 people in 70 countries, has different wind, solar thermal, photovoltaic, hydroelectric and biomass renewable projects both in Spain, where most of these assets are concentrated, as well as in Brazil, Chile, USA, Scotland, Panama and Nicaragua, countries in which has carried out different projects.

The company, in addition to the renewable and conventional electricity generation business, has other business areas, among which are electricity, gas, water, communications, auxiliary services, as well as electrical and mechanical, railway and industrial facilities.

In 2015, the ACS group has already grouped its renewable assets in the listed company Saeta Yield, which became the first European "yieldco" of energy assets to be listed on the Spanish market. Within the framework of this operation, ACS agreed with several funds managed by GIP to sell part of the capital.

In February of last year the Canadian fund Brookfield launched a takeover on 100% of Saeta to 12,20 euros that supposed the exit of ACS and GIP of the shareholding, in which they controlled 24.2% and 24.01%, respectively.

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