The business will be sold to the strategic investment fund of the Malaysian government, Khazanah Nasional Berhad. FCC and Spanish banking conglomerate Bankia are joint owners of the concession management firm, each with a 50% stake.
FCC could receive up to €210m euros, in an operation that is in line with the divestment of non-core assets introduced under its strategic plan launched in early 2013. The latest sale will bring the total to €2bn. At the end of 2014 Carlos Slim’s Carso became the Group’s major shareholder, acquiring a 25.64% stake in FCC.
The agreement consists of an initial payment of €166m and another deferred payment that could reach €254m. The transaction is subject to a series of conditions including obtaining certain third party approvals, as well as the approval of the current €750m bondholders: USS, OPTrust and PGGM.
Globalvia, established in 2007, manages 31 projects in seven different countries, including highways, railways, hospitals and ports.