Banc Sabadell | The regulator has announced that TCI will make an accelerated sale of 0.8% of AENA at an estimated price (according to Bloomberg) of 159.53 Euros/share (-2.2%).
After this sale, TCI will retain 7.5% of AENA.
News without impact, given the limited discount. We think that the sale fits with TCI´s decisión to gradually reduce its holding in AENA (already known) and at the levels commented it would imply (ex-dividends) gains of almost 129.7 M euros. In any case, the principal risk would be that TCI would continue selling (the lock after sale is 90 days), but we do not expect much discount compared to today´s sale, which will limit the impact. After this sale the principal shareholders in AENA are: ENAIRE, 51%; TCI, 7.5% and Deutsche Bank, 4.4%.
