Abertis suitor ACS likely to partner with infrastructure funds - reported rumour (translated)
24 JUL 2017
Actividades de Construccion in Servicios [BME:ACS] (ACS), which is exploring a counterbid for Abertis [BME:ABE], is likely to partner with one or several infrastructures funds operating in Spain, El Confidencial reported.
Abertis, target of a EUR 16.50-a-share takeover bid by Atlantia [BIT:ATL] of Italy, is more attractive to investors seeking a purely financial deal than industrial players, according to the report. Once Abertis' Spanish concessions expire, the motorways group will be worth half the EUR 16bn offer tabled by Atlantia and most of its businesses will be in France and Latin America, the Spanish-language report said.
At present, Abertis has more than 1,500Km of toll roads in Spain, of which 1,000km will go back to the estate in four years, cutting EBITDA to about half, the item noted. Abertis is therefore, more interesting for infrastructures funds operating in Spain, than for industrial rivals, the report said. The funds will seek a deal as long as the funds can obtain debt at 200-250 bps, the report said.
Should it acquire Abertis, ACS will then seek to bid for concessions due to be tendered in the next few years, the report added.