1. Ferrovial
  2. Investors

It is announced the completion of the sale of the infrastructure operation and maintenance business in Spain of Ferrovial group.

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Published on 02/01/2022

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

We refer to the communication of other relevant information dated 28 October 2021 (registration number 12,418) regarding the agreement between Ferrovial International SE, a subsidiary of the Company, and an entity controlled by funds managed by Portobello Capital for the acquisition of the infrastructure operation and maintenance business in Spain of Ferrovial group.

After the fulfilment of the conditions precedent to which the transaction was subject, the parties have completed the sale.

The price of the shares sold received by Ferrovial amounts to 170,590,971 euro. This price does not include the earn-outs, valued at 50 million euro, which will be applied after the closing of the transaction based on the fulfilment of certain requirements set forth in the share purchase agreement. This price has been set by reference to the data estimated by Ferrovial from the balance sheet of the group sold at 31 January 2022, and is subject to review in the usual manner for transactions of this type. In addition, Ferrovial retains on its balance sheet the cash generated from 31 December 2020 and until the closing of the transaction, which is estimated at 60 million euro.

The transaction, excluding the earn-outs, is not expected to have a relevant impact on the consolidated accounts of Ferrovial, since the book value of this business is similar to the price above mentioned.

As provided for in the share purchase agreement, a subsidiary of Ferrovial has acquired 24.99% of the share capital of the acquiring entity for a price of 17,493,000 euro.

Madrid, 1 February 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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