Closing Guadalcesa sale is good news for us and for our shareholders. Sacyr Concesiones is following its successful rotation strategy when signing the agreement to sell 47.5 % of our participation in Guadalcesa, the concessionaire that manages Guadalmedina Highway (AP-46 Málaga – Las Pedrizas), to MIROVA.
This deal, along with the sale of another stake of 47.5% sold to Aberdeen, amounts to approximately 455 million euros, including the debt associated with the transferred shares. With this successful operation the valuation of Sacyr Concesiones from the last Investor Day (June 4th 2019) grew by more than 10%, solidifying the Strategic Plan that was presented. The funds acquired will contribute to significantly reduce the group’s corporate debt, which is one of our strategic goals to secure long-term value creation for all of our shareholders.
This P3-based asset will continue to be managed and operated by Sacyr through a service agreement, but will no longer consolidate in its balance sheet, resulting in a net profit of approximately 80 million euros.
The 28 km high-capacity highway of Guadalmedina travels perpendicular to the coast, connecting Alto de las Pedrizas with the city of Malaga, making it easier to go from the interior to the seaside.
Valuation of the sale of the 90% stake