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| ACS to sell stake in Abertis to CVC Actividades de Construccion y Servicios (ACS), Spain’s largest construction company, said that private equity investor CVC Capital Partners has arrived at a firm agreement with ACS whereby they will jointly invest into a structure that will control the interest of 25.8% in concession operator Abertis Infraestructuras held by ACS. In said structure, 60% will correspond to CVC and 40% to ACS. Thus, ACS and CVC will play an active role in the management of Abertis—they will be present in the governing bodies of the company and supporting it in the same way that ACS has done thus far. The transaction was executed at a price of 15 Euros per share, therefore the total valuation of the ACS holding in Abertis amounts to 2.9 billion Euros. The transaction was paid for in cash (50%), and the remaining 50% was financed through credit provided by several financial institutions both from Spain and abroad. write your comments about the article :: © 2010 Construction News :: home page |