Ferrovial has reached an agreement for the sale of 100% of the Amey group, almost completing the divestment of its former Services division. The acquiring vehicle is a UK company controlled by funds managed by One Equity Partners. They are entering into the transaction alongside their acquisition partner Buckthorn Partners.
The transaction represents an enterprise value of GBP 400 million (€455 million) and an estimated equity value of approximately GBP 245 million (€278 million). The final consideration to be paid upon completion of the transaction will be adjusted by reference to the net debt and working capital figures resulting from a balance sheet prepared as of that date. The net consideration will be in the form of cash of GBP 109 million (€124 million) and a vendor loan note of GBP 136 million (€154 million) repayable over the next 5 years with an interest of 6% per annum, increasing to 8% after third year.
Amey currently provides a range of critical services in the UK, including infrastructure maintenance and upkeep, consulting and facility management. It also provides waste treatment business, which as previously announced is not part of this sale. Ferrovial will retain the UK waste treatment business within its Energy Infrastructure and Mobility division.
Capital gain estimated to be around €50 million after recycling through the P&L of translation differences and interest rate hedges
Amey, excluding the waste treatment business has a workforce of c. 11,000 employees, reported GBP 1,386 million in revenue in 2021 (€1,647 million) and GBP 43 million in EBITDA (€51.5 million), while its backlog totaled GBP 6,133 million (€7,290 million).
“This transaction represents a step forward in our Horizon 24 business plan, focused on developing sustainable infrastructure to continue creating value for our shareholders, and the communities in which we operate. The deal practically concludes the divestment of the Services business,” said Ignacio Madridejos, CEO of Ferrovial.
The operation of Amey practically concludes the divestment of Ferrovial Services, following the sale of the Environmental Services and Infrastructure Services businesses in Spain and Portugal and of Broadspectrum’s operations in Australia and New Zealand, the municipal cleaning contracts in the UK, and of the Oil & Gas business in North America.
