Ferrovial has reached an agreement to sell Broadspectrum, its Australian services subsidiary, to Ventia as part of the process of divesting Ferrovial Services that was announced in February 2019. The deal, which covers Broadspectrum’s businesses in Australia and New Zealand, is for a total of AUD 485.5 million (US$ 335.93 million), for the equity and intercompany loans. The enterprise value amounts to AUD 524.5 million (US$ 362.92 million).

Broadspectrum and Ventia are highly complementary businesses. Ventia is a specialist infrastructure services provider in Australia and New Zealand. Broadspectrum reported AUD 2.738 billion (US$ 1.89 billion), in annual revenues and a backlog worth AUD 6.708 billion (US$ 4.64 billion) at the 2018 year-end. Closure of the transaction is subject to standard conditions and regulatory approvals.