1. Ferrovial
  2. Investors

Within the framework of the divestment process of its Services division, Ferrovial has reached an agreement for the sale of the infrastructure operation and maintenance business in Spain.

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Published on 10/28/2021

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 the group, the Company has reached an agreement for the sale of the infrastructure operation and maintenance business in Spain to a company controlled by funds managed by Portobello Capital.

The transaction represents an enterprise value of c.€186 million (including equity and debt) and an estimated equity value at December 2021 of c.€171 million. 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 shares purchase agreement also provides that Ferrovial receives earn-outs, for an amount of c.€50 million according to the business plan, if certain requirements are met after completion.

Completion is subject to the usual conditions in this type of transactions and is expected to take place in the first quarter of 2022.

At the completion date Ferrovial will acquire the 24.99% of the share capital of the acquiring entity. The amount of the investment would be c. €20 million (it will depend on the price that the buyer finally pays).

It is expected that the transaction, excluding the earn-outs, do not have a relevant impact on the consolidated accounts of Ferrovial, since the book value of this business is similar to the estimated equity value at December 2021 indicated above.

Madrid, 28 October 2021

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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