Link Securities | Iridium, a concessions subsidiary of ACS, via its US arm ACS Infrastructure Development, Inc., has reached an agreement to buy 44.5% of US firm Blueridge Transportation Group (BTG). The latter is the concessionary company for a 17 km segment of the SH-288 highway in Houston, Texas, which includes on the central reservation two toll lanes in each direction. After this acquisition, ACS’ stake in the BTG will…
Intermoney | According to today’s Expansion, ACS (Buy, T.P. 40 euros/share) is beefing up its works portfolio in the US, after signing two new contracts in California with a budget of 800 million euros. Through Flatiron, one of its main subsidiaries in the US along with Turner and Dragados, the Spanish firm has teamed up with local group Myers & Sons to reformulate the current motorway Interestatal 105 (I-105) in…
Intermoney | ACS (Buy, Target Price 40 euros) and Acciona (Buy, Target Price 245 euros) are finalists in the bid to build a new tram line in the city of Calgary, in Canada, involving an investment of nearly 4.2 billion euros. This amount was fixed in 2020, but will undoubtedly increase given the current rise in inflation. The tram line, which envisages crossing Calgary from north to south, will be 46 km…
The National Markets and Competition Commission (CNMC) has fined six of Spain’s leading construction companies 203.6 million euros for having altered thousands of public tenders for building and civil works infrastructure contracts over 25 years. The companies penalised are Acciona, Dragados, FCC, Ferrovial, OHLA and Sacyr. According to the CNMC, between 1992 and April 2017, the construction companies met weekly to analyse tenders for works carried out by the various…
Renta 4 | According to press reports, Abertis would be interested in getting its hands on 66.6% of the Chicago Skyway toll road, held by Canadian pension funds CPPIB and Omers. The deal could be worth around 2.5 billion euros. The concession is 12,6 kms and connects the I-94 and I-90 motorways with an elevated section. Valuation: We still need confirmation of the transaction from the Spanish concessionary. However, depending on…
Santander Corporate & Investment | S&P has raised its outlook for Abertis (BBB-e, BBB n) to negative from stable, as well as that of its French subsidiary SANEF (Baa2 e, BBB- e, BBB n). The ratings agency has taken this decision in light of the group’s solid results, with traffic levels already close to those prior to the pandemic in Europe and Latin America. S&P believes the group will be…
Link Securities | The consortia led by Spanish infrastructure and services groups ACS and Ferrovial have been selected, along with a third alliance, by the authorities of the city of Ingelwood, in Los Angeles, to present their final bids for a the Inglewood Transit Connector contract. This contract is for the design, construction, financing, operating and maintenance of the automated transit connector, according to yesterday’s elEconomista.es. The project consists of…
Renta 4 | ACS may have reached an agreement with its partner Atlantia to inject capital into Abertis with the aim of making infraestructure acquisitions. According to press reports, the owners of Abertis, ACS (30% direct stake, 20% – 1 share via Hochtief) and Atlantia (50% + 1 share) could have agreed to inject capital in the concessionary in order to make new infrastructure acquisitions. In addition, to extend some…
Link Securities | The big Spanish infrastructure groups are forming alliances to make a bid for the only major public works concession planned for this year in Spain, according to Expansion. The Madrid Government is finalising the tender process for the City of Justice, involving an investment of 500 million euros. So ACS and Acciona have decided to join forces for the project, while Sacyr has teamed up with Ferrovial….
ACS, along with felllow Spanish construction company Navantia, will bid for one of the biggest orders from the Australian Armed Forces, namely the programme for embarcations of amphibious landing Land 8710 Phase 1. The amount of the contract could total 533 million euros and would extend until 2032. ACS will be represented by its affiliate UGL, Cimic’s industrial engineering division. For its part, Navantia has been present in the Australian…