Renta 4 | ACS could sell its renewables subsidiary Zero-e after the Easter break. This is a firm with 2.900 MW in operation and development. The value of the deal, according to the press, could be around 1 billion euros. And the transaction could mean ACS will give up control of the company.
Valuation: There are no details on the assets which are currently under manangement or on the portfolio of projects, so we cannot give a valuation on the figure mentioned in the press. We will need to wait until we have more details. We recall that as part of ACS’ agreement on the sale of Cobra to Vinci, it has a deal with the French firm to set up a company (49% ACS, 51% Vinci) which will buy at market prices the renewable assets which the industrial division develops ovef the 8 years following the transaction.
While we wait to find how much ACS would make from the operation, the amount would be added to that from the sale of Cobra. We are still waiting to hear what the destination of these funds will be. In principal it is expected they will be earmarked for growth in the transport infrastructures business. And in function of the asset and the price, we believe it could act as a catalyst for thes stock.