Intermoney| ACS (ACS) (Buy, Target Price €40/share), through its US subsidiary Turner, is part of the TBA consortium, which has been awarded the construction of the new stadium for the Tennessee Titans football team in Nashville. This will involve an investment of $2.7 billion and will be located on the banks of the Mississippi River, next to the current stadium, according to Cinco Días newspaper on Friday.
Other members of the winning consortium include ICF, a local company, and Polk & Associates. Together, these companies have 55 years of experience in the construction of sports stadiums. Construction of the new asset is expected to last until 2027.
Assessment: Turner already has extensive experience in stadium construction in the US, having been involved in the construction of the Sofo Stadium for the Los Angeles Rams and Los Angeles Chargers, the largest stadium in the American league with a capacity of 70,000 spectators and whose works are assessed at $4,900Mn (around €4,500Mn). It has been a good summer for Turner’s contracting, as it has also won tenders for clients such as the US Navy for the construction of a dry dock at the Pearl Harbor base, for an amount of €2,700 million, among others. ACS’s portfolio as of June this year amounted to just over €72 billion.
