Ferrovial has reached an agreement to sell Broadspectrum, its Australian services subsidiary, to Ventia for AUD485m.
Ventia, a specialist infrastructure provider in Australia and New Zealand, will remain a separate company until the acquisition closes - expected to be in 2020.
The deal - which covers Broadspectrum’s businesses in the region with - is part of the its parent company’s services divestment plan, which was announced in February 2019. The campaign is aimed at focusing the company’s future on the development of infrastructure. This is the prime source of value and returns for its shareholders.
Following the acquisition of Broadspectrum by Ferrovial in May 2016 the United States, Canada and Chile were integrated into Ferrovial Services International. These operations are not part of this deal.
The divestment of the other Ferrovial Services businesses (including those in Spain, the United Kingdom and International) is ongoing.
“Crystallizing this deal represents progress in Ferrovial’s strategic focus on developing sustainable infrastructure. New technologies, changes in citizens’ habits and the demands of society make it necessary to adopt this focus in order to continue creating value for our shareholders, our stakeholders and the communities in which we operate,” said Ignacio Madridejos, CEO of Ferrovial.