Banc Sabadell| The new motorway tax in France, whose impact would be ~-€85m on Abertis (~2% of its EBITDA 2023e; ACS’ 45% stake in Abertis net of minority interests), could have an impact on a future review of Abertis’ rating unless corrective measures such as a dividend cut are taken, following comments by S&P in a recent report, according to press reports. In this regard, Abertis plans to pay out…
Link Securities| ACS is looking to find buyers for a number of the construction company’s assets before passing the rating agencies’ solvency exam, according to the digital portal ElConfidencial.com. According to several sources in the sector, the construction company wants to divest an offshore wind farm in the UK and Clece, its services subsidiary, transactions for which it can earn more than €2 billion.
Norbolsa| ACS has been contracted to replace two key bridges in the Northeast US rail corridor operated by Amtrak, the country’s largest transportation operator and manager. The Spanish group, associated with the local firm Herzog, and through its subsidiary Flatiron, will be in charge of replacing the two bridges on the Susquehanna River Rail Bridge (Maryland, USA), with an investment budget of $1.5 billion (around €1.37 billion). The project will…
Link Securities| ACS (ACS) has formally started the sale process of its services subsidiary Clece. The banks that the group has hired to lead the divestment, Bank of America (BofA) and Société Générale, distributed the sale booklet (infomemo) among potential buyers last week, according to market sources and as reported by the digital newspaper elEconomista.es. Among the recipients are both funds and industrial groups specialising in service activities. The transaction…
Link Securities | A consortium formed by ACS (ACS) (through Cimic’s CPB Contractors), Acciona (ANA) and Italy’s Ghella, will build several tunnels for the Suburban Rail Loop East rail project in the Australian city of Melbourne, according to the newspaper Expansión. CPB, an Australian company owned by Cimic (controlled by ACS), has a 40% stake in this contract, valued at AU$3.6 billion (about €2.204 billion). The contract awarded to this…
The Texas Department of Transportation (USA) and ACS have reached an amicable settlement to close years of confrontation in the courts over the construction of the Harbour Bridge over the port of Corpus Christi (Texas), the largest in the USA in terms of tons handled. According to local authorities, the consortium formed by Dragados and Flatiron will be compensated with $380 million (about €380 million) for cost overruns incurred on…
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…
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…
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…
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…