Abertis gets €250 million selling its shares in the Portuguese company Brisa
The Catalan highway, transport and telecommunication management company Abertis has accepted Tagus’ takeover of its shares in Brisa, which represent 15.02% of the Portuguese highway company. Abertis now wants to focus on projects that represent added value for its global strategic action. In addition, two days ago, Abertis’ board ratified last April’s agreement to acquire 9 highway concessions from OHL in Brazil. With this operation, the Catalan company becomes the largest group in the world managing highways, with more than 7,000 kilometres worldwide.
Barcelona (ACN).- The Catalan company Abertis has decided to accept the takeover offer made by Tagus and has bought its shares in the Portuguese Brisa for \u20AC249 million, according to a press release issued this Wednesday by the Spanish Stock Market Regulation Authority (CNMV). Tagus presented a takeover offer on July 16th to buy 15.02% of highway management company Brisa, owned by Abertis. Abertis, which manages highways, airports, car parks and telecommunication services worldwide, has sold its 90 million shares at a price of \u20AC2.76 per share, set at the takeover. The operation will result in a sum of \u20AC312 million for the Catalan multinational company due to the fiscal effect. However, the surplus value generated by the sale is not significant. Also, last Monday, Abertis\u2019 board ratified last April\u2019s agreement to acquire 9 highway concessions from OHL in Brazil. With this operation, the Catalan company becomes the largest group in the world managing highways, with more than 7,000 kilometres worldwide.
Abertis justified the decision to sell its shares in Brisa due to the current economic context, characterised by a traffic drop on Portugal\u2019s highways due to the crisis. In addition, Abertis emphasised the need to only invest in projects where the Catalan company can play an industrial role, enabling Abertis\u2019 financial consolidation and generating value for the shareholder.
The sale of Abertis\u2019 shares in Brisa will represent a change in the Portuguese company\u2019s board. José Alfaro, Brisa\u2019s Financial and Corporate Development General Manager will quit the board. In fact, he has already presented his resignation.