ACS

Relevant News Item 2nd August 2024

Texas nationalizes ACS’s highway in exchange for payment of €1,606 million

The Texas Department of Transportation has approved the acquisition from ACS of its SH-288 highway, a nationalization available in the contract between both parties that will be compensated with a maximum of €1,606 million ($1,731 million) to be paid to the Spanish construction company before October 8, 2024. The Texan administration made the decision this Tuesday, according to documentation consulted by Europa Press, so that it will grant its public…

World economy 19th July 2024

ACS wins 3-year €137.5 million open pit mining contract in Canada

Intermoney | ACS (Buy, PO 46), through its subsidiary Thiess, itself part of Cimic, has won a mining services contract for an open pit project in Ontario (Canada) for a period of three years worth €137.5 million. The contract is with Vale, one of the world’s largest integrated mining companies, specialising in iron and nickel, headquartered in Rio de Janeiro, Brazil and employing around 125,000 people in more than 30…

World economy 11th April 2024

ACS to refurbish hospital in Australia through subsidiary Cimic in deal worth €450M

Intermoney | ACS (ACS), through its Australian subsidiary Cimic, has been awarded a contract to refurbish a hospital in the state of New South Wales. The works will involve an investment of €450 million. The work will begin this year and will last until 2028. It will include the refurbishment of numerous departments of the hospital, as well as the construction of new facilities, including the vertical expansion of existing…

World economy 2nd April 2024

ACS: Texas could terminate SH-288 motorway concession early and compensate company with €1,600 M

Bankinter| The State of Texas could make use of its contractual right to claim the return of the SH-288 toll road to the amount of $1,731M (about €1,600M) currently controlled 43.24% by ACS and the remaining 56.76% by Abertis. Last Thursday, the state transport commission gave its approval to the plan and a six-month negotiation period is now open to either terminate the contract or avoid it. Bankinter’s analysis team’s…

Spanish economy 11th March 2024

ACS wins one of three lots of Vancouver elevated train contract, with investment of close on €2,850 M

Intermoney| ACS (ACS) (Buy, PO 43 €) has been awarded one of the three lots in which the future Vancouver elevated train is divided, an initiative that will mobilise a total investment of C$4,200 million, some €2,850 million, according to Expansión. The Spanish multinational is participating in the project through Dragados, which has teamed up with Lecor, Systra and IBI. ACS won this first bid against the consortium of Acciona,…

World economy 5th February 2024

ACS wins new contracts for €400 million in several ports in the USA and the UK

Intermoney: The daily newspaper Expansión reports today that ACS (Buy, PO 43) has been awarded several construction contracts in the US and UK for a total of approximately construction contracts in the US and the UK for a total of approximately €400 M€. Thus, the Group has been the preferred bidder for a contract worth some £100 million ( €117 million) at the port of Immingham, the UK’s main port…

European economy 26th January 2024

French motorway tax could affect Abertis dividend, around €300m for ACS

Banc Sabadell| The new motorway tax in France, whose impact would be ~-€85m on Abertis (~2% of its EBITDA 2023e; ACS’ 45% stake in Abertis net of minority interests), could have an impact on a future review of Abertis’ rating unless corrective measures such as a dividend cut are taken, following comments by S&P in a recent report, according to press reports. In this regard, Abertis plans to pay out…

In Europe 24th January 2024

ACS looks to make over €2bn from sale of UK offshore wind farm and services subsidiary Clece

Link Securities| ACS is looking to find buyers for a number of the construction company’s assets before passing the rating agencies’ solvency exam, according to the digital portal ElConfidencial.com. According to several sources in the sector, the construction company wants to divest an offshore wind farm in the UK and Clece, its services subsidiary, transactions for which it can earn more than €2 billion.

Relevant News Item 11th January 2024

ACS to replace two bridges managed by Amtrak rail transport network in Northeast corridor of US for €1.37 billion

Norbolsa| ACS has been contracted to replace two key bridges in the Northeast US rail corridor operated by Amtrak, the country’s largest transportation operator and manager. The Spanish group, associated with the local firm Herzog, and through its subsidiary Flatiron, will be in charge of replacing the two bridges on the Susquehanna River Rail Bridge (Maryland, USA), with an investment budget of $1.5 billion (around €1.37 billion). The project will…

Spanish economy 20th December 2023

ACS formally begins process of selling services subsidiary Clece, valued at up to €700 M

Link Securities| ACS (ACS) has formally started the sale process of its services subsidiary Clece. The banks that the group has hired to lead the divestment, Bank of America (BofA) and Société Générale, distributed the sale booklet (infomemo) among potential buyers last week, according to market sources and as reported by the digital newspaper elEconomista.es. Among the recipients are both funds and industrial groups specialising in service activities. The transaction…

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