OHL sells 5% stake in Abertis

Tuesday, October 14, 2014

Spanish construction company OHL has sold a 5% stake in Abertis to Inmobiliaria Espacio for 705mn euros (US$893mn) to reduce its debt.

In a statement to market regulators, OHL said it sold 44.9mn shares of Abertis at 15.69 euros, trimming its stake in the Spanish group to 13.93%. The company will make a 201mn-euro net profit with the transaction.

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OHL will use the proceeds to make an early repayment of 277mn euros on a 1.22bn-euro loan and reduce other debts.

OHL and Inmobiliaria Espacio have also signed an agreement to vote together in Abertis shareholder meetings, with an aggregated 18.93% stake in the firm.

Both OHL and Abertis hold major road concessions in Brazil, Chile, Peru, Mexico and Colombia.