The map of services and concessions continues to take shape in Spain, with investment funds scratching assets from traditional construction companies. Sacyr has just agreed to sell its maintenance services subsidiary, Sacyr Facilities, to Serveo, a company controlled by Spanish investment firm Portobello and made up of former Ferrovial assets.
The operation has been valued at 87 million and will provide Sacyr with capital gains of around 40 million. It comes after the sale in June of Valoriza's environmental and urban services business to the US giant Morgan Stanley for 734 million euros.
The divestments total more than 800 million euros and are part of Sacyr's plan to reduce its corporate debt to a minimum in order to focus on businesses such as concessions. It also analyzes the partial or total sale of another subsidiary, that of Water.
Its objective is to dedicate efforts to concessions, which generate the most profitability and which are listed as priorities in its strategic plan until 2025. It already has assets of this type for more than 3,000 million euros.
Sacyr, which will be able to enter another 15 million in the operation derived from ongoing claims, estimates the annual gross operating profit (ebitda) of the recently sold subsidiary at 13.7 million.
Portobello bought 75.01% of the subsidiary Ferrovial Servicios in October 2021 to shape a new group that it later renamed Serveo. In this way, it participates in a game of movements in Spain in which the large international infrastructure investment firms have also taken an interest.
