Abertis (ACS) could be interested in acquiring 66.6% of the Chicago Skyway motorway; deal could be worth around €2.5 billion

Renta 4 | According to press reports, Abertis would be interested in getting its hands on 66.6% of the Chicago Skyway toll road, held by Canadian pension funds CPPIB and Omers. The deal could be worth around 2.5 billion euros. The concession is 12,6 kms and connects the I-94 and I-90 motorways with an elevated section. Valuation: We still need confirmation of the transaction from the Spanish concessionary. However, depending on…


S&P raises Abertis outlook to stable vs negative; considers the protective governing structure Atlantia, ACS and Hochtief is not in danger

Santander Corporate & Investment | S&P has raised its outlook for Abertis (BBB-e, BBB n) to negative from stable, as well as that of its French subsidiary SANEF (Baa2 e, BBB- e, BBB n). The ratings agency has taken this decision in light of the group’s solid results, with traffic levels already close to those prior to the pandemic in Europe and Latin America. S&P believes the group will be…


ACS wants all its Abertis’ shares in one place

Intermoney | ACS (ACS) (Buy, Target Price 40 euros) held its AGM last Friday. Chairman Florentino Pérez confirmed that the focus of the group’s future investments will be renewable energies via its joint venture with Vincí, and concessions, using both Iridium and Abertis. Perhaps the main novelty was ACS’ intention to bring together in one holding all its shares in Abertis. These are currently divided into 30% within the Group,…

ACS, Atlantia eye remaining stake in Abertis

Possible Talks Between ACS And Atlantia Regarding The Purchase Of The Shares In Abertis They Still Do Not Own

Banco Sabadell | According to the press, ACS would be in talks with Atlantia over the possible acquisition of the stake they still do not own in Abertis. (Atlantia is ACS’ partner with a majority stake in Abertis; ACS has 40% net of minorities). In addition, the press reports mention that ACS chairman Florentino Pérez could leave his post in March 2022. Valuation: This news is of limited impact to the…

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Abertis’ Makes First Major Investment In The US With The Purchase Of Elizabeth River Crossings In Virginia

The consortium formed by Abertis and Manulife Investment Management, a institutional infrastructure investor, have acquired from Macquarie Infrastructure Partners II and Skanska a 100% stake in Elizabeth River Crossings , in Virginia (US). The deal was closed for a total equity amount of €1bn. Within the consortium Abertis will hold 55.2%.


ACS: Underweight pending reinvestment of excess capital

Morgan Stanley | ACS (ACS) continues to reduce its risk profile following the purchase of Abertis and its exposure to assets. This is already discounted in the price. in addition it remains without control over the cash flow of its most important assets (Abertis; ACS/Hochtief/Cimic).

Abertis reorders its shareholder's debt through its dividend policy

Abertis Reorders Its Shareholders’ Debt Through Its Dividend Policy

Abertis will pay an extraordinary dividend of approximately 10 billion euros, of which ACS will receive approximately 4 billion euros, and this will allow it, in turn to improve its dividends. Abertis has announced to its shareholders – Atlantia (50%), ACS (30%) and Hochtief (20%) – the distribution of an ordinary dividend between 2018 and 2020 of 2.675 billion euros (891.6 million euros per year).

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Atlantia: avoid short term positions, even below €20

Santander | After the collapse of the Morandi bridge in Genoa, the Italian government has begun the process of terminating ASPI´s concession. The management team could try to negotiate possible solutions to avoid the termination, despite the protection offered by the terms of the contract.