Sacyr seeks to sell 49% of Chilean concessions branch

Monday, August 20, 2018

Spanish infrastructure firm Sacyr is reportedly seeking to sell 49% of its Chilean concessions subsidiary, Sacyr Concesiones Chile, to finance its participation in future concessions.

Daily Pulso reported that Sacyr has hired the Chilean branch of Brazilian investment bank BTG Pactual as a financial advisor for this operation, which would be closed by the end of next year. No Sacyr Concesiones spokesperson was available for comment.

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According to Sacyr Concesiones, the branch has won 13 concessions, although it's currently involved in only eight.

Six of these contracts involve highways, of which five are in operation. The sixth is the US$940mn AVO I project, which entails the first stretch of the Américo Vespucio Oriente highway and is currently under construction.

In this project, according to Sacyr Concesiones, the Spanish firm has a 50% stake in concessionaire Vespucio Oriente, with the remaining 50% owned by OHL Chile.

The rest of the projects in which Sacyr Concesiones Chile is involved are:

Sources close to the operation, some of whom have already received invitations from Sacyr, told Pulso that the Spanish firm would receive offers between US$200mn and US$400mn, and that the first non-bidding offers would start coming during the second half of September.