The construction company Sacyr – which hopes to return to the selective Ibex 35 on the 9th – has sold its stake in Repsol 16 years after its entry. At that time, the Sacyr Group invested over 6 billion euros in 20% of the capital, at an average price of 26.71 euros.
According to the company, the sale operation has been possible thanks to the increase in the price of Repsol shares in recent sessions (trading at around 15 euros per share). This has offset the cost of the settlement of the put option derivatives (PUT) that acted as a hedge for the stake.
The sale reduces the debt associated with these shares by 563 million euros and leaves Sacyr with a positive cash balance of 58 million euros, which will be used to reduce recourse debt and to meet its investment plan in concessions.
Sacyr wants to reinforce its concessionary profile – which now contributes 83% of EBITDA – reduce recourse debt and increase shareholder remuneration.
After the sale of Sacyr, Repsol’s largest shareholder continues to be BlackRock with 5.3%, followed by Santander, with nearly 4%.