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OHL sells its affiliate of concessions to an Australian fund for 2.235 billion

The construction company was shot in a 10.8% bag before announcing the sale of the company to its partner IFM

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OHL sells its affiliate of concessions to an Australian fund for 2.235 billion

OHL has closed an agreement with Australian fund IFM Investor to sell 100% of its subsidiary of Infrastructure concessions, OHL concessions, for a nominal amount of 2.775 billion euros, although final amount "after usual adjustments of This type of operations, related to its debt, exchange rate and Fund contributed to projects "will remain in 2.235 billion euros," said construction company to National commission of Securities Market (CNMV).

The communication to regulator occurred on Monday night even though news reports were already pointed out before opening of session that operation was closed. As a result, titles of OHL were revalued in Monday session 10.84% to 3.28 euros per share, without CNMV suspending quotation.

The construction company that presides Juan Miguel Villar Mir and announced last June that it put in sale this business in order to obtain resources with which to accelerate plan of reduction of debt that group launched a year ago. However, at that time, company pointed to sale of between 25% and 40% of capital, maintaining in any case control.

OHL n added this sale to disinvestment program that launched just a year ago in order to cut off its debt and recover a qualification of its debt apt to return to gain investor confidence.

The IFM fund is main partner of OHL in Mexico, after last July both companies raised to 85.85% ir participation in OHL Mexico after acquiring an additional 28.34% in public offer of acquisition of shares formulated on company.

OHL Concessions is firm, controlled to 100% by OHL, through which builder group channels its concession business. Currently, subsidiary manages twenty concessions distributed by Spain and Latin America, including fifteen toll highways distributed by Mexico, Chile, Peru and Colombia, in addition to Spain, facilities in two ports, international Airport of Toluca (Mexico) and two light metro lines in Spain.

The Spanish construction company has clarified that in transaction will not include two broken concessions that OHL has in Spain, highway Axis airport, which connects Madrid and Barajas Airport and line of outskirts Móstoles-Navalcarnero.

Friendly Selling

The construction company that chairs Juan Villar-Mir plans to celebrate "as soon as possible" a shareholders ' meeting to approve operation, which is supported by its control shareholder, Villar Mir group. This corporation has secured its favorable vote for sale at that board by considering that "it is best option for OHL and its social interest."

In this sense, construction company indicated that, once closing operation, not only liquidate its corporate debt, but will achieve a "positive position of Treasury".

The builder group has accelerated its program of disinvestments in last year, with sale of participation that it had in Abertis, a participation of tourism project of Mexican luxury of Mayakoba and part of Canalejas of Madrid. In parallel, Villar Mir group has also detached itself from participation of first shareholder in Colonial and is currently trying to sell its hydroelectric plants.

At close of first half of year, OHL presented a net debt of 2.892 billion euros, of which almost a third (28%) corresponded to debt with recourse to Matrix, which was located at 813 million, 11% more than at beginning of year.


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