CVC Capital Partners sell 7.5% stake in Abertis

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CVC Capital Partners sell 7.5% stake in Abertis

British private equity firm CVC Capital Partners has closed the sale of a 7.5% stake in Abertis, a Spanish infrastructure group which manages mobility and telecommunications infrastructure.

UBS, which has acted as the broker in the transaction, has sold more than 67 million Abertis shares at €16.4 each, raising a total consideration of €1.1 billion (US$1.21 billion). The price represents a 4.5% discount to the previous closing price of €17.17. The shares has been acquired by qualified investors after Abertis shares was suspended in Madrid.

After the deal, CVC Capital Partners owns 8.1% stake in Abertis through investment firm Trebol International BV. Spanish lender La Caixa is Abertis's largest shareholder owning a 22.3% stake and Spanish builder OHL has a stake of about 19%.

Abertis manages mobility and telecommunications infrastructure across five business areas:

  • toll roads,
  • telecommunications infrastructures,
  • airports,
  • car parks, and
  • logistics parks.

Three days ago we reported that Abertis Telecom Terrestre, the telecommunications subsidiary of Abertis, had agreed to acquire 90% of the shares of WIND Telecomunicazioni S.p.A.'s fully owned subsidiary, Galata. The firms agreed to close the transaction for a cash consideration of €693 million (US$775.5 million).

In October 2014, Abertis announced that, within the framework of its 2015-2017 strategic plan, it is studying the admission to trading of its terrestrial telecommunications subsidiary in the first half of 2015, which, in any case, would be subject to market conditions.

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