Spanish newspaper Expansion reported in mid May that Sacyr has agreed with Citi the sale of Spanish highway company Itinere. Local savings bank, Kutxabank, Liberbank and NCG Banco are also willing to sell their minority stakes.

The transaction could be valued at €1.3 billion, €4.1 billion if Itinere's corporate debt is included. Itinere holds a €2.8 billion debt that achieved to refinance in last October.

Citigroup controls 54% of this business. Sacyr and local saving banks control 46 % of the shares.

Renovated international investor interest in Spain and increasing highway traffic recovery have convinced Citi to go ahead with the sale of the assets. According to Expansion, several international pension funds and infrastructure funds could be interested in the assets.

Last week, Abertis said that traffic in its Spanish highways was growing for the first time since 2008.

In June 2009, a series of corporate transactions were completed that resulted in the Itínere we know today. Pear Acquisition Corporation, a 100% company of Citi Infrastructure Partners, launched a takeover bid over 100% of Itínere which Sacyr agreed to take up. Later, Citi Infrastucture Partners sold to Abertis, Atlantia and Sacyr various Itínere stakes in Spain, Portugal, Brazil, Chile, Ireland and Costa Rica.

Itinere currently has 6 motorway concessions, all of them in operation, distributed in northern Spain amounting to 609,1 kms:

Audasa: This toll motorway connects the north of Galicia to the south of Galicia and enables users to benefit from major advantages as regards safety, convenience and speed compared to traditional roads.

AP-1 Europistas: The motorway Burgos- Armiñón, with a length of 84.3 Km, links the central and South part of the Iberian peninsula with the French border as part of the highly used corridor which connects the Iberian peninsula with Central Europe.

Aucalsa - AP-66: The Campomanes-León Toll Motorway responds to the need to keep a road link open throughout the year between Asturias and the Castilian Plateau.

Audenasa: With a length of 112.6 km, the Navarra Motorway links the Ebro motorway to the Northern motorways via the "Leizarán" (San Sebastián) motorway and the "La Barranca" (Vitoria) motorway, thereby creating a direct connection between Zaragoza - and for the traffic travelling on the motorways from Aragón, Catalonia and Levante - and Guipúzcoa and Alava, as well as the rest of the Basque Country, the Bay of Biscay region and France.

Autoestradas de Galicia AG-55: The AG-55 motorway acts as a communications corridor in the district of Bergantiños between A Coruña and Carballo, as well as being a major link road to the districts of Soneira and Fisterra, which are a greater distance from the city of A Coruña.

Autoestradas de Galicia AG-57: The AG-57 motorway connects the towns of Puxeiros and Baiona, located within the metropolitan area of Vigo, through the district of El Val Miñor in Pontevedra via a 25 kilometre section.

Acega - AP-53: Motorway stretch in Galicia with three sections:

• Section I: 'Santiago-Silleda' - 33.6 km.
• Section II: 'Silleda-Lalin Centro' - 13.3 km.
• Section III: 'Central Lalin - Alto de Santo Domingo' - 9.7 km.