ntermoney | El Gobierno italiano ha decidido no oponerse a la OPA lanzada por los Benetton y Blackstone sobre la concesionaria Atlantia, según informa el diario Cinco Días; en teoría, el ejecutivo transalpino podía haber invocado poderes especiales que mantiene sobre Atlantia y otros sectores estratégicos, algo que ha renunciado a hacer. La oferta tiene un precio de 23 euros en efectivo, lo que valora la concesionaria en unos 19.000 millones de euros. Los Benetton, a través de su vehículo Edizione, ya poseen más de un 30% del accionariado originalmente. Atlantia posee un 15% de Hochtief, de la que ACS (Comprar, Precio Objetivo 40 euros) mantiene un 53%; la concesionaría consolida globalmente Abertis, al detentar un 50% del capital, mientras que ACS mantiene el resto, del que un 20% lo hace a través de la propia Hochtief. Valoración: Esta noticia no es ninguna sorpresa, pues nos parecía que, claramente, los Benetton nunca hubiesen lanzado la OPA sin, al menos, una autorización siquiera tácita del Gobierno italiano. Pensamos que la operación tendrá éxito, por lo que hay que pensar en los pasos siguientes de la relación entre Atlantia y ACS. Creemos que uno de los acuerdos ine

Abertis wins four toll roads in Puerto Rico for $2.85 billion

Abertis has been chosen by the Puerto Rico Public-Private Partnerships Authority for the contract to rehabilitate, maintain and operate four free-flow toll roads. The ACS and Mundys-owned company’s bid has reached $2.85 billion (almost €2.691 billion at the current exchange rate) for the four highways: PR-52, between San Juan and Ponce, PR-53, between Humacao and Fajardo, PR-66, between Carolina and Río Grande, and PR 20, between San Juan and Guaynabo….

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Abertis and Sacyr bid for concession of four motorways in Puerto Rico, valued at over €2,000 million

Link Securities| Both companies submitted binding bids on Monday for the concession contracts to rehabilitate, maintain and operate four motorways in Puerto Rico, in a deal valued at more than €2 billion, the digital newspaper elEconomista.es reports today. Both Abertis and Sacyr, which declined to confirm their participation, were shortlisted last year by the Public-Private Partnerships Authority (AAPP) to compete in the final bidding for the privatisation of motorways PR-52,…


ACS and its Atlantia partners will approve €1 B injection for Abertis

Intermoney | ACS, along with its partners in Atlantia, will tomorrow approve at an EGM a 1 billion euros injection of cash for Abertis. The aim of the move is to provide the concessionary with more ammunition for new investments, according to the daily elEconomista. Meanwhile, the company is also analysing opportunities for refinancing its debt, in the face of rising interest rates. That said, it is still benefiting from…


ACS recapitalises Abertis with €1B to enable it to acquire new funds or assets

Renta 4 | ACS, in agreement with Atlantia, have decided to write-off 1 billion euros of Abertis’ debt, allowing its own funds to increase by 40% and providing it with some support to tackle new investments. Valuation: News with no impact. We do not rule out that they continue to make moves which allow Abertis to obtain funds or assets which increases its position in the motorways business. Reiterate HOLD….


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).