ACS

In Spain 26th September 2023

Audiencia Nacional sentences Escal – 67% ACS owned – to repay €210 million for Castor project

Banc Sabadell : On 5 July, the Audiencia Nacional (Spain’s High Court) dismissed the appeal lodged by Escal UGS -the company that developed the Castor project, 67% owned by ACS) against the repayment of €210 million to the gas system (initial €195 million + interest generated-, for the settlements received in relation to the Castor project, according to press reports. Assessment: News with a negative bias, although with limited impact…

In the World 15th September 2023

ACS wins €600 million expansion of New York hospital to be completed by 2027

Intermoney| The company, through its US subsidiary Turner, has been awarded the contract for the expansion of a hospital in the city of Rochester, located in the state of New York, according to Cinco Días newspaper. This initiative has a planned investment of €600 million. The ACS firm will undertake the hospital refurbishment works in consortium with Pike Construction Services; Ballinger is in charge of the design work and Hammes…

World economy 12th September 2023

ACS subsidiary Cimic wins luxury real estate project in India for around €114 M

Link Securities | Leighton Asia, a company of ACS’s Australian subsidiary Cimic Group, has won a contract with property developer Elan to build a luxury residential project in Gurgaon (India) for AU$190 million (around €114 million). The project, named The Presidential, consists of 728 flats and is Leighton Asia’s largest residential project to date. The initial phase of the project comprises civil and structural works, with a built-up area of…

In Spain 7th September 2023

ACS sells additional 7% stake in Ventia for some €239 million

Banco Sabadell: According to press reports, ACS and Apollo have sold about 17% of Ventia (7% for ACS) in a block sale for about A$400m (about $239m) at A$2.65/share (vs. 2.74 at yesterday’s close). They reduce the joint stake to 12% (close to 7% for ACS) and ACS will receive ~€100m from the sale (~1.2% capitalisation and vs €1,165m that ACS had in net debt at the end of H1’23…

In Spain 29th August 2023

ACS negotiates with Elliott fund to purchase 50% of Thiess mining company

Link Securities| ACS is negotiating with Elliott the purchase of 50% of the mining company Thiess, the newspaper Expansión highlights in today’s edition. The investment fund has, from 2024, the right to resell half of the subsidiary of Cimic, ACS’s Australian subsidiary, for which it paid some €1.13 billion in 2020. There is also the option of an IPO of Thiess. Under the shareholders’ agreements, ACS is obliged to buy…

Companies, Relevant News Item 18th August 2023

ACS’ US subsidiary wins $2.7 billion contract to build the Tennessee Titans’ new stadium

Intermoney| ACS (ACS) (Buy, Target Price €40/share), through its US subsidiary Turner, is part of the TBA consortium, which has been awarded the construction of the new stadium for the Tennessee Titans football team in Nashville. This will involve an investment of $2.7 billion and will be located on the banks of the Mississippi River, next to the current stadium, according to Cinco Días newspaper on Friday. Other members of…

Companies, Relevant News Item 14th August 2023

ACS awarded €353 million contract to upgrade infrastructure at Offutt Air Force Base in Nebraska

Intermoney| ACS (ACS) (Buy, Target Price €40/share), through its North American subsidiary Turner, has been awarded a €353-million contract to upgrade the infrastructure of Offutt Air Force Base, in Nebraska. The work is aimed at improving the infrastructure at Offutt Air Force Base, located near Omaha in the state of Nebraska, in preparation for future flooding, after the facility suffered a flooding catastrophe in March 2019. A number of units…

In the World 20th June 2023

ACS strengthens North American presence with €500-million extension of Ontario commuter line in Canada

Intermoney| ACS, through Dragados, in alliance with the Ledcor group, has won the initial works to extend services on the Ontario commuter line (Go Line). The contractors will work on the nearly 20-kilometre Lakeshore East line in the town of Bowmanville. The work includes seven new bridges and grade crossing improvements. Ontario has committed C$730 (about €500 million) to this rail extension. The investment in the Go Line amounts to…

Relevant News Item 13th March 2023

ACS wins €2.7 billion contract for nuclear submarine dock at Pearl Harbor

The Spanish group leads a joint venture selected to replace dry dock number 3. The initial scope of the award is $2.839 billion (about €2.665 billion). It may, however, go further. ACS has been awarded this important contract by the US Navy through its construction company Dragados USA and teaming up with local firms Hawaiian Dredging and Orion. The work will take place at the Joint Base Pearl Harbor-Hickam and…

Companies, Ibex, Spanish economy 29th December 2022

Adif awards ACS, Rover and Tecsa €443 M contract for high-speed train works in Valencia

Link Securities | According to the daily laInformacion.com, Adif Alta Velocidad has awarded the joint venture formed by ACS, Rover and Tecsa the contract to execute the works in the plans for the construction of the new access channel to integrate the high-speed railway in Valencia. Also to extend and remodel the Joaquín Sorolla station and increase its parking area.ç The contract is worth 443,4 million euros, VAT included. It…

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