Intermoney| Sacyr (SCYR) announced on Monday, after market close, that it has completed the sale of 45% of the Irish N6 motorway concession to Bestiver Infra. The transaction amounts to €45 million in EV, or €29 million in equity; Sacyr states that the multiple of the transaction exceeds 2x times invested capital. The deal had been announced last May. The N6, which was inaugurated in 2009 and expires in 2037, is 56 km long and links the towns of Galway and Ballinasloe, in the west of the island.
Assessment: This news comes as no surprise, as it confirms Sacyr’s strategy of rotating mature assets. Ireland, on the other hand, is not a priority market for the Group, which is much more focused on Italy, Spain, Colombia and Chile. This transaction will contribute a little more to reducing corporate net debt, which should almost disappear once the sales of the services and water cycle businesses are fully closed. As of June this year, this magnitude was €627 million, excluding any of these transactions. On the other hand, consolidated EBITDA rose +28% in H1 23 to €645 million, of which more than 80% was generated in the Concessions business.
