ACS launches Spanish toll road portfolio sale

15 July 2019 - 12:00 am UTC

Iridium Concesiones has appointed BBVA as its financial adviser to help it explore a sale of stakes in several key road concessions in Spain, sources said, amidst a flurry of transport sales in the country.

The ACS-owned concessionaire is looking to sell an 80% stake in six Spanish shadow toll road concessions, including the 67km Eje Diagonal DBFOM project, a major shadow toll road in Catalonia.


Iridium, which owns stakes in nine toll roads in Spain, is expected to shortly issue information memoranda, while non-binding offers for the assets are due next month. It is selling its mature assets to reinvest in new transactions, sources said.


According to ACS’ 2018 full year financial report, the nine assets partly or fully owned by ACS include Autovia de la Mancha in Castilla-La Mancha; Autovia de la Sierra de Arana in Andalusia; Autovia del Pirineo in Navarra; the Santiago-Brion concession in Galicia; and Autovía Medinaceli-Calatayud.


It also owns the Autovia de los Pinares between Valladolid and Segovia and the M-30 near Madrid; and two assets in Catalonia, the Reus-Alcover concession and Eje Diagonal.


ACS has invested a combined EUR 363m of equity in the nine projects. The Eje Diagonal concession, in which ACS has invested EUR 154m of equity, is 100%-owned by Iridium and expires in 2042, while the other concessions mature between 2026 and 2042.


The sale comes at an active time for transport concession M&As in the country. Sacyr is in the process of selling a toll road in Andalusia, the AP-46 Las Pedrizas toll road, which is said to have attracted investors such as Ardian, Mirova and Itinere.


Last month Meridiam acquired 85% of another Andalusian toll road scheme, Ausol, from Ferrovial, at a price of EUR 585m – which is understood to be above 12X EBITDA and which sources said gives an indication of expected prices for the ongoing sale processes.


ACS and BBVA declined to comment.


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