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Spanish economy, Spanish Small & Mid Caps 9th November 2020

Air Europa Rescue Puts IAG’s Purchase On Hold

Renta 4 | After the government approved the rescue of Air Europa last week, with an injection of 475 million euros, several media outlets are claiming the executive intends to establish a series of conditions for the operation. In our opinion, these would complicate the acquisition of the airline by IAG. The conditions would include the appointment of two directors, authorisation to approve strategic operations, dismiss and even agree the appointment of the CEO. IAG will be awaiting an official communication.

Ibex, Markets, Spanish economy 9th November 2020

Iberdrola Launches €75 Bn Investment Plan To 2025 As A Commitment To Economic Recovery

90% of this investment volume – €68 Bn – will be organic and will be aimed at consolidating its business model, based on more renewable energy, more networks, more storage and more intelligent solutions for its customers. The rest, €7 Bn, corresponds to the recently announced acquisition of American company PNM Resources. This unprecedented rate of expenditure will represent an average investment of €10 Bn per year between 2020 and 2022, and €13 Bn per year in the period 2023-2025.

Markets, Spanish economy, Spanish Small & Mid Caps 6th November 2020

Europe Selects The Consortium Led By CAF For The Development Of A Hydrogen Train Prototype

The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) of the European Commission has selected the project FCH2RAIL to start negotiations for an EU grant agreement valued at 10 million EUR. FCH2RAIL would be technically led by CAF and would benefit from the European funding under the H2020 Program to work on the development of a railway vehicle prototype powered by hydrogen.

Markets, Spanish economy, Spanish Small & Mid Caps 4th November 2020

Air Europa Becomes First Spanish Company To Be Rescued By The State Amid The Health Crisis

The airline had requested help a few months ago and today the Spanish cabinet has authorised its rescue, the first one involving a private company in Spain during the coronavirus crisis. The State will inject 475 million euros to avoid Air Europa’s bankruptcy via a specific fund created to save companies with solvency problems, particularly affected by Covid-19. This aid will mean a support of 240 million euros via a participative loan and another 235 million through an ordinary credit.

Ibex, Markets, Spanish economy 3rd November 2020

Telefonica And Allianz Create A Partnership To Deploy Fibre In Germany Through An Open Wholesale Company

Telefónica and Allianz have reached an agreement for the creation of a joint venture to deploy Fibre-to-the-Home (FTTH) in Germany.Both companies will each hold 50% under a co-control governance model. It will be an independent open-access wholesale operator focused on deploying fibre in rural and semi-rural areas of Germany to tap the potential of Europe’s largest broadband market.

Markets, Spanish economy, Spanish Small & Mid Caps 30th October 2020

Sacyr Divests Its Construction Business In Africa To Focus On Concessions In Its Key Markets

Sacyr’s selling its construction subsidiaries in Angola, Mozambique and Cape Verde is part of firm’s strategy to reduce the risk of building in non-strategic markets and to focus on concessions in its key markets. This activity already accounts for nearly 80% of the group’s EBITDA. According to analysts at Alphavalue, Sacyr, with a capitalization of just around €800 M, has been “the most resilient” company in the concessions’ sector during the confinement thanks to the type of contracs it has signed.

Ibex, Markets, Spanish economy 28th October 2020

Repsol Leaves Ecuador After The Sale Of Its Assets To Canadian Firm New Stratus Energy For €5 M

Repsol has reached a good intentions agreement with the Canadian company New Stratus Energy for the sale of assets in Ecuador, so that the oil company will leave the South American country, where it has been present for almost twenty years. The deal amounts about $5 M (about € 4.2 M) to be paid in two installments, although there could be additional contingent payments linked to certain circumstances, such as an extension of the service contracts term, which would bring it up to $12 M (about € 10.1 M).

Ibex, Markets, Spanish economy 26th October 2020

Cellnex Extends Its International Expansion To Poland, One Of The Strongest Economies In Eastern Europe

Following Cellnex’s recent capital increase of 4 billion euros, the company has reached an agreement with Iliad to acquire a 60% controlling stake in the company that will operate Play’s 7,000 telecommunications sites in Poland. The agreement between Iliad and Cellnex is expected to be closed by Q2 2021. It will allow the company to enter a new market and further consolidate its leadership position in Europe, where it will reach 73,000 telecommunication towers.

Ibex, Markets, Spanish economy 21st October 2020

ACS’ Australian Subsidiary, Cimic, Sells 50% Of Its Mining Business For €1.25 Bn

Cimic, of which ACS indirectly controls 37% through its Hochtief share, has announced the sale of 50% of Thiess, its mining business, for 1.25 billion euros to the Elliott fund. The price implies an enterprise valuation of approximately A$4.3 billion (based on 100% of Thiess), subject to certain adjustments. According to calculations of Bankinter, the price paid is a multiple of 8.5 times EV/EBIT20, “which is in accordance with the market average for this type of company.”

Ibex, Markets, Spanish economy 20th October 2020

Aena Seeks Paths For Growth Abroad: Pre-Qualified For An Airport In Indonesia

With the summer season over, the fall in traffic at Spanish airports has increased. In September traffic contracted by 79.9% to 5.46 million passengers compared to August – the accumulated drop for the year is -69.7%. However, Aena is trying to open up other growth channels through international expansion. To this end, it has announced it will bid for an airport in Indonesia.

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