Printer Friendly

Abertis agrees to exit Brisa via sale to Tagus.

MANews-(C)2009-2012

8 August 2012 - Spanish infrastructure manager Abertis Infraestructuras SA (MCE:ABE) said on Wednesday it had made a final decision to tender its 15.02% in Portuguese motorway operator Brisa Auto Estradas de Portugal SA (ELI:BRI) to the buyout offer launched by Tagus Holdings Sarl in July.

Tagus, a firm owned by Jose de Mello Investimentos SGPS SA and AEIF Apollo Sarl, jointly controlling 53.81% of Brisaa[euro](tm)s votes and 49.57% of the shares, announced in March a EUR2.66 (USD3.30) a share offer for the rest of the company, which it then increased to EUR2.76 apiece in July.

Abertis, which expects EUR312m cash proceeds from the sale of its interest in Brisa, said it had accepted Tagusa[euro](tm) revised offer due to its traffic deterioration and its results in Portugal. The move is in line with Spanish groupa[euro](tm)s strategy to only invest in projects where it can have an industrial role and which can generate value for shareholders, it explained.

The exit from Brisa would have a EUR97m positive impact on Abertisa[euro](tm) income in the second half of 2012.

Jose Aljaro who represented Abertis in Brisaa[euro](tm)s board has already resigned his position at the Portuguese firm.Brisa is involved in road concessions, mobility services, international operations and transport infrastructures. It owned six road concessions in Portugal comprising 17 motorways at the end of last year.Country: PortugalSector: Road Transport/Freight TransportTarget: Brisa Auto Estradas de Portugal SABuyer: Tagus Holdings Sarl Vendor: Abertis Infraestructuras SADeal size in USD: 386mType: DivestmentStatus: Agreed

COPYRIGHT 2012 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Date:Aug 8, 2012
Words:270
Previous Article:Severn Trent appoints advisor to sell analytical services business.
Next Article:XBT Holding unveils takeovers in Luxemborg, Singapore.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters