Sacyr has accepted an €87 million offer from Serveo for 100% of Sacyr Facilities, one of the businesses in its Services unit. This divestment is framed in the company’s strategic objective to reduce its net recourse debt and focus its activity on the concession business as its core activity.
The amount of the divestment totals €87 million enterprise value and an equity value of €76 million. In addition, the sale and purchase agreement contemplates that Sacyr will receive earn-outs valued at approximately €15 million, depending on the success of several claims currently in process.
The perimeter of Sacyr Facilities, the company in question subject to sale, reached a €13.7 million EBITDA in 2022.
The transaction is expected to generate pre-tax capital gains of approximately €40 million for Sacyr.
The completion of the transaction is subject to the compliance with the customary conditions precedent set out for this type of transaction and closure is expected to take place in 4Q 2023.
Divestment plan
Last June, Sacyr announced that the company has reached an agreement to sell 100% of Valoriza Servicios Medioambientales to Morgan Stanley Infrastructure Partners for a €734 million enterprise value (including equity and debt).
These divestment processes will help Sacyr drastically reduce its recourse net debt, one of the major objectives in the 2021-2025 Strategic Plan.
Sacyr, with P3 assets valued at more than €3 billion, focuses on transport (roads, airports, harbors, rail, metro), social (hospitals, universities, public administration buildings) and water (integrated water cycle, desalination, purification and recycling) infrastructure development and management under public-private partnerships.
