Sacyr announced on Monday the sale of 100% of Valoriza, its services division, to the American giant Morgan Stanley for 734 million euros. As the company has indicated to the National Securities Market Commission (CNMV), the figure includes debt and will mean capital gains of around 270 million euros before taxes.
The value of the shares in the transaction amounts to approximately 425 million euros, discounting the participation of external minority interests. The services area reached a gross operating result (ebitda) of 80 million euros in 2022. Sacyr had already made progress in its last results presentation, which prepared divestments in this area.
The operation is expected to be completed in the fourth quarter of 2023. “The execution of the operation is subject to compliance with certain conditions precedent that are usual in this type of operation (competition, authorization from financial institutions…)”, it is reported.
The company stresses that the sale allows two major objectives of the strategic plan to be accelerated, such as its focus on the concession business as its main activity and its reduction of net debt.
