Mundys and ACS Group have announced a new strategic collaboration agreement for Abertis with the main objective of strengthening its global leadership in transport infrastructure concessions. Both companies are committed to support an investment plan to expand the portfolio of assets under management and promote Abertis’ growth and value creation.
The agreement also includes a new governance scheme whereby both partners will be able to appoint the same number of directors to the company, as well as appoint the top executives. As a result, Mundys will continue to appoint the CEO and the Secretary of the Board, while ACS will appoint the President and the CFO.
As part of the agreement, both partners have agreed to transfer a 56% ACS Group’s stake in the SH288 highway in Houston to Abertis, subject to the corresponding governmental permissions. Additionally, Abertis is exploring new investment opportunities in the global markets, while maintaining an optimal capital structure in line with the requirements of credit rating agencies.
These changes will not imply any modification in the consolidation method of Abertis in both groups, so that Mundys will continue to consolidate Abertis globally in its financial statements, while the ACS Group will continue to include its investment as an equity-accounted investment.
This agreement marks a new stage in the trajectory of Abertis, which has demonstrated over time a solid and sustainable leadership in the transport infrastructure sector.
Abertis is an international benchmark operator in the management of high-capacity, high-quality roads and intelligent mobility solutions. Committed to society and a promoter of innovative solutions that mitigate climate change and promote the circular economy, Abertis collaborates in the design and development of a more efficient, safe and sustainable mobility. Therefore, the collaboration fostered by the new agreement will drive and accelerate growth to achieve new levels of success.
Florentino Pérez, Executive Chairman of ACS Group, expressed his satisfaction about this new strategic partnership: “The new agreement with Mundys is an important milestone for the development of Abertis. From ACS, we will support with all our resources the growth of our alliance with Mundys to further strengthen our leading platform in the infrastructure world. I would like to thank our partners Edizione, its Chairman Alessandro Benetton and Blackstone as well as all the teams that have worked on this new agreement that will give stability to Abertis.”
Alessandro Benetton, Vice Chairman of Mundys and Chairman of Edizione, also put the focus on the great value of the signed agreement: “Together with our partners in ACS, we have laid the foundations for building the future development of Abertis, putting it in a position to significantly expand its perimeter, seizing the most interesting opportunities on the market. As shareholders, we will be equally committed to supporting the management of Abertis in the realisation of this project, providing the company with the necessary resources to start this new season of growth. We want a development that leverages sustainable growth, industrial know-how and innovation. Together with Blackstone, our partner in Mundys, I would like to thank the Chairman of ACS, Florentino Perez, for choosing to take on this ambitious challenge with us.”
Source link:https://www.grupoacs.com/
