1. Ferrovial
  2. Investors

Ferrovial has reached an agreement for the sale of the 100% of Amey Group, the services business in the United Kingdom.

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Published on 10/11/2022

On corporate transactions

Pursuant to the Consolidated Text of the Spanish Securities Market Act (Texto Refundido de la Ley del Mercado de Valores) Ferrovial, S.A. (the “Company” or “Ferrovial“) communicates the following:

OTHER RELEVANT INFORMATION

Within the framework of the divestment process of the services division of Ferrovial group, an agreement has been reached for the sale of the 100% of Amey Group, the services business in the United Kingdom, to a company controlled by funds managed by One Equity Partners, who are entering into the transaction alongside their acquisition partner Buckthorn Partners.

The transaction represents an enterprise value of c.400 M GBP (454 M EUR) and an estimated equity value of c.245 M GBP (278 M EUR), based on estimated net debt and working capital for December 2022. The final consideration to be paid upon completion of the transaction will be adjusted by reference to the net debt and working capital figures resulting from a balance sheet prepared as of that date. The net consideration will be in cash for an estimated amount of c.109 M GBP (124 M EUR) and a vendor loan note of 136 M GBP (154 M EUR) repayable over the next 5 years with an interest rate of 6% per year (increased up to 8% after year 3).

Completion is subject to the approval of the transaction under the UK National Security Investment regime, and to the carve-out of the Amey’s waste treatment business in the United Kingdom, which would remain in the Ferrovial group. Completion is expected to take place in 2022.

Capital gain estimated to be around 50 M EUR after recycling through the P&L of translation differences and interest rate hedges.

Madrid, 11 October 2022

Santiago Ortiz Vaamonde

Secretary of the Board of Directors of Ferrovial, S.A.

More information about this Other Relevant Information

English translation for information purposes only. In the event of discrepancies between the English and the Spanish version, the Spanish version shall prevail

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