By Rod Morrison
Sacyr has registered its infrastructure concession company Voreantis in Madrid in advance of selling a 49% stake in the company, according to elEconomista. Sacyr has delayed the process while waiting for market conditions to be optimal and resolving a key issue for Voreantis’ final valuation, according to the news website.
Sacyr is working with Italian authorities on negotiating the rebalancing of the Pedemontana-Veneta motorway concession in which it holds 51%. The result will determine the fee that concessionaire Superstrada Pedemontana-Veneta will charge throughout the contract, which lasts until 2063.
Santander and Deutsche Bank are advising on the sale and Sacyr is looking at a €2bn valuation. In June, Sacyr sold three P3 toll roads in Colombia to Actis Long Life Infrastructure Fund 2 for US$1.6bn, resulting in a cash inflow of US$318m. Voreantis will have assets in Spain, Italy, Chile and Uruguay.