Sacyr has signed an agreement with an entity controlled by Actis Long Life Infrastructure Fund 2 to sell its entire stake in three operational P3 assets in Colombia. The assets in question are Unión Vial Río Pamplonita, Desarrollo Vial al Mar and Concesionaria Vial Unión del Sur .
The value of the transaction amounts to a total of $1.6 billion, including debt and equity.
This transaction underscores the value of Sacyr's assets, with the amount of the sale being 12% above the valuation provided in the Investor Day 2024.
The completion of the transaction is subject to the fulfilment of certain customary conditions precedent set out for this type of operation, and it is expected to take place during the second half of 2025.
This transaction will have a very positive impact on the Company’s Cash Flow Statement due to the cash inflow of $318 million resulting from this divestment.
In accordance with the accounting treatment established by international accounting standards (IFRIC XII) for concession companies classified as financial assets, where equity increases during the construction phase, this transaction will generate a negative accounting impact for Sacyr of approximately €65 million. However, this could be positively offset by what is stated in the sale and purchase agreement, under which Sacyr is entitled to receive variable amounts (earn-outs) valued at approximately $70 million, with a positive accounting and cash impact depending on the success of different claims currently in process.
This divestment, in line with Sacyr's standard asset rotation strategy, strengthens the balance sheet to accelerate the company's growth plan, which expects to triple its equity and asset valuation by 2033.
In addition, it aligns with the company’s goal of balancing the geographic distribution of its current project portfolio.
Following this divestment, Sacyr will maintain its activities in Colombia, operating three assets: Puerta de Hierro Highway (in operation), Buenaventura-Loboguerrero-Buga Road Corridor and the Restoration of the Degraded Canal del Dique Ecosystems, with the latter two in the development phase.
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