- Ferrovial expects a capital gain of €55 million
- The deal was completed on schedule
- This substantially concludes the divestment of Ferrovial’s Services division
Ferrovial has completed the sale of 100% of Amey Group to a UK company controlled by funds managed by One Equity Partners, in partnership with Buckthorn Partners. The transaction represents an enterprise value of £400 million (€455 million) and equity value of approximately £264.6 million (€301.3 million). The price is subject to the customary closing adjustments.
The consideration was paid partly in cash in a net amount of approximately £112.8 million (€128.5 million) and the remaining portion will be paid through a vendor loan note of approximately £151.8 million (€172.8 million), issued at completion and repayable over five years at 6% annual interest (increasing to 8% after the third year). Ferrovial expects a capital gain of €55 million after charging reserves for translation differences and interest rate hedges to profit and loss.
As previously announced, following completion of the deal within the established deadlines, Ferrovial retains the waste treatment business, which is to be integrated into its Energy Infrastructure and Mobility division. The waste treatment business employs a total of 557 people and manages around one million tons of waste per year.
Horizon 24 Plan
This deal substantially concludes the divestment of the former Services division, which resulted from an overall strategic review of all business divisions, aimed at focusing Ferrovial’s future on the development of infrastructure, the prime source of value and returns for its shareholders. As a result, it classified all its Services operations as “available for sale”.
To that same end, the company adopted Horizon 24, a strategy for the period 2020-2024 that prioritizes infrastructure development, construction and management in parallel with businesses in the areas of mobility, water and the energy transition. The plan targets 11% annual EBITDA growth based on the pursuit of excellence, sustainability, innovation, efficiency, and the selection of businesses and markets.
The Amey deal substantially concludes the divestment of Ferrovial Services, following the sale of the Environmental Services and Infrastructure Services businesses in Spain and Portugal and of Broadspectrum’s operations in Australia and New Zealand, the municipal cleaning contracts in the UK, and of the Oil & Gas business in North America.