Abengoa working to close Atlantica Yield stake sale by 30 June - report (translated)
27 JUN 2017
Abengoa [BME:ABE] is trying to close the sale of Atlantica Yield [NASDAQ: ABY] before the AGM next, Friday 30 June, Expansion reported without citing sources.
Abengoa is analysing two options: selling its 41% stake in Atlantica Yield directly to the funds vying for it or selling the stake in several blocks in the market.
Brookfield is one of funds eyeing the stake, according to the report.
The first option would have to include a discount over Atlantica’s stock market price, but would give the buyer control of the company even if it is not a majority stake, the Spanish-language paper noted. The second option is more complex, but is likely to earn Abengoa more cash.
Atlantica Yield has scheduled a steering committee this week and could also call its board of directors to decide the best selling option, Expansion said. The objective is to have the unknown resolved before Friday, when Abengoa holds a general shareholders' meeting.
Atlantia Yield has a market capitalisation of USD 2.16bn (EUR 1.93bn).
Abengoa announced the potential sale of its Atlantica Yield stake in February.