Spanish giant Ferrovial has sold its Spanish services division marking the latest milestone in its new strategic vision.
Under the deal, Portobello Capital will acquire the division for an enterprise value of €186m, with a potential additional €50m earn out, while Ferrovial will recieve a 24.9% stake in the acquiring company.
Spread across a portfolio of Spanish and Portuguese projects, the business delivers maintenance and upkeep services on transport, healthcare, social welfare and industrial projects.
The divestment is part of Ferrovial’s “new strategic vision” to focus on development, construction and management of sustainable infrastructure. So far, the plan has seen the firm shed Environmental Services business in Spain and it’s antipodean arm Broadspectrum. The firm currently has all of its services division up for sale, with the divestment from the US, UK and Chilean branches currently on-going.
Íñigo Sánchez-Asiaín, founding partner of Portobello Capital said they are excited about a “new phase” in the company’s path, adding that they see “significant organic growth opportunities and potential to consolidate a fragmented market”.
The deal is expected to close in Q1 2022.
Yesterday, Ferrovial’s Cintra announced that it had lodged €364m a bid for a 24.9% stake in Indian concessionaire IRB Infrastructure Developers.