ACS

Spanish economy 20th December 2023

ACS formally begins process of selling services subsidiary Clece, valued at up to €700 M

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…

In the World 14th December 2023

ACS and Acciona enter consortium to build several tunnels in Melbourne in €2.204 billion contract

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…

In the World 19th October 2023

Texas compensates ACS $380 million for Harbour Bridge cost overruns

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…

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…

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