ACS sells additional 7% stake in Ventia for some €239 million


Banco Sabadell: According to press reports, ACS and Apollo have sold about 17% of Ventia (7% for ACS) in a block sale for about A$400m (about $239m) at A$2.65/share (vs. 2.74 at yesterday’s close). They reduce the joint stake to 12% (close to 7% for ACS) and ACS will receive ~€100m from the sale (~1.2% capitalisation and vs €1,165m that ACS had in net debt at the end of H1’23 excl. IFRS16). We recall that ACS holds this stake through CIMIC, its Australian subsidiary (100%), which has already confirmed its non-strategic nature and has already carried out two other divestments in March and May 2023.

Assessment: News with little impact due to the expected and low relevance of the amount. We value the stake at a price -15% lower than the divestment so the impact on our P.O. would be positive but not significant (<+0.5%).

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