Abertis gets €250 million selling its shares in the Portuguese company Brisa

Barcelona (ACN).- The Catalan company Abertis has decided to accept the takeover offer made by Tagus and has bought its shares in the Portuguese Brisa for €249 million, according to a press release issued this Wednesday by the Spanish Stock Market Regulation Authority (CNMV). Tagus presented a takeover offer on July 16^th to buy 15.02% of highway management company Brisa, owned by Abertis. Abertis, which manages highways, airports, car parks and telecommunication services worldwide, has sold its 90 million shares at a price of €2.76 per share, set at the takeover. The operation will result in a sum of €312 million for the Catalan multinational company due to the fiscal effect. However, the surplus value generated by the sale is not significant. Also, last Monday, Abertis’ board ratified last April’s agreement to acquire 9 highway concessions from OHL in Brazil. With this operation, the Catalan company becomes the largest group in the world managing highways, with more than 7,000 kilometres worldwide.

Abertis justified the decision to sell its shares in Brisa due to the current economic context, characterised by a traffic drop on Portugal’s highways due to the crisis. In addition, Abertis emphasised the need to only invest in projects where the Catalan company can play an industrial role, enabling Abertis’ financial consolidation and generating value for the shareholder.

The sale of Abertis’ shares in Brisa will represent a change in the Portuguese company’s board. José Alfaro, Brisa’s Financial and Corporate Development General Manager will quit the board. In fact, he has already presented his resignation.