ACS seeks advisers to sell EUR 500m in shadow toll roads held by Iridium
Actividades de Construccion y Servicios (ACS) [BME:ACS], the Spain-based construction services company, has put up for sale its shadow toll motorways, which it operates in Spain through its subsidiary Iridium, El Economista reported, citing sources close to the process.
ACS is seeking advisers for this transaction, valued at more than EUR 500m, with the intention of launching the process in autumn, the Spanish-language paper said, citing several financial sources. ACS is considering whether to open Iridium’s capital to an investor or sell the entire business, according to the report.
Iridium manages a total of nine shadow toll motorways in Spain. Under this model, the company builds and finances the road and the administration pays an annual fee based on traffic and availability.
The nine motorways amount to more than 360 kilometres of dual carriageway, with a combined investment volume of more than EUR 1.53bn according to the company data. Seven of them are owned by the state and two by the Government of Catalonia. All have long term concession contracts, with the initial maturity date in 2026, the paper said.
The nine motorways amount to more than 360 kilometres of dual carriageway, with a combined investment volume of more than EUR 1.53bn according to the company data. Seven of them are owned by the state and two by the Government of Catalonia. All have long term concession contracts, with the initial maturity date in 2026, the paper said.