On Friday 31 January 2014, Colas sold its 16.67% stake in the share capital of Cofiroute to VINCI Autoroutes pursuant to an agreement announced on 20 December 2013.
Cofiroute is a highway concession company which operates a total of 1,100 km of highways in western France as well as the Duplex A86 tunnel near Paris. The company is now wholly-owned by VINCI Autoroutes.
The transaction is said to be priced between a minimum of €780 million and a maximum of €800 million, subject to certain operational assumptions being realised over the 2014-2015 period.
Colas CEO Herve Le Bouc said the offer was attractive given the business had reached maturity.
Cofiroute will no longer bring Colas a dividend worth some €50 million a year. However, sources indicated that the sale should generate up to €380 million in net proceeds.
The sale price of the Cofiroute stake represents 12.4 times 2012 earnings before interest and tax.