ACS Cimic

ACS Cimic

ACS’ Australian Subsidiary, Cimic, Sells 50% Of Its Mining Business For €1.25 Bn

Cimic, of which ACS indirectly controls 37% through its Hochtief share, has announced the sale of 50% of Thiess, its mining business, for 1.25 billion euros to the Elliott fund. The price implies an enterprise valuation of approximately A$4.3 billion (based on 100% of Thiess), subject to certain adjustments. According to calculations of Bankinter, the price paid is a multiple of 8.5 times EV/EBIT20, “which is in accordance with the market average for this type of company.”