ACS negotiate the sale of your Industrial Division to the french group Vinci for 5,200 million euros, as just confirmed to the National Securities Market Commission (CNMV). His shares soar by 20%, up to 22.50 euros per title.
"The indicative value of the perimeter of Vinci's proposal represents a company value of around 5.2 billion euros, of which 2,800 million would be paid at least in cash and the difference may be paid in Vinci shares or in cash, "ACS explained.
The group chaired by Florentino Pérez has explained to the regulator that Vinci "has presented a non-binding offer in order to negotiate the acquisition of its Industrial Division, whose head is ACS Communications and Energy Services".
The perimeter of the operation would include, in addition to the engineering and works, the participations in eight concessions (PPP) of projects of Energy, as well as the development platform of new projects in the renewable energy sector.
In unaudited pro forma data, these activities have represented in 2019 a turnover of about 6,300 million euros, has detailed ACS.
"This proposal has been examined by the ACS Board of Directors, which has decided continue negotiations. The closing of the transaction is subject to a review process (due diligence) which will be done in the coming months ", added the company.
This process will include the examination of the necessary actions for the segregation (carve out) of the activities that would not be sold to Vinci, among which are Zero-E and 15 concessions.
"The definitive terms of this operation will be agreed upon in the appropriate contract at the end of the review process (due diligence). The project would be submitted to the necessary regulatory authorizations, particularly in competition matter. ACS and Vinci will inform the market in a timely manner of the eventual outcome of the negotiations, "concluded the statement sent to the regulator.
"This move could be a change in the group's strategy towards the infrastructure business, where they will foreseeably allocate the funds obtained ", say the analysts of Renta 4, who nevertheless reiterate their advice of" prudence in the value ", with an advice of 'Underweight' in portfolio.
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