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Mon August 08 2022

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Ferrovial sells Spanish services business

2 Feb Ferrovial has completed the €170m (£142m) sale of its Spanish infrastructure services business but is still seeking buyers for similar operations elsewhere, including the UK.

It has signed the final agreement for the sale of the Spanish infrastructure services business to Portobello Capital as part of the ongoing divestment of Ferrovial Services. The deal covers the infrastructure maintenance and upkeep services and the facility management businesses. Following completion of the sale, Ferrovial will buy 24.99% of the capital of the acquirer for €17.5m.

The sale of the infrastructure services business in Spain follows the sale of the environmental services business in Spain and Portugal, of Broadspectrum’s operations in Australia and New Zealand, of the municipal cleaning contracts in the UK, and of the oil & gas business in North America. Divestment of the other Ferrovial Services businesses in the UK and Chile - this business area’s core markets - is ongoing.

Ferrovial had conducted a strategic review of all its businesses aimed at focusing the company’s future on infrastructure, the prime source of value and returns for its shareholders. As a result, it classified all its services operations as “available for sale”. To that same end, the company adopted Horizon 24, a strategy for the period 2020-2024 that prioritises infrastructure development, construction and management in parallel with businesses in the areas of mobility, water and the energy transition.

“This transaction represents a step forward in our Horizon 24 business plan, focused on developing sustainable infrastructure to continue creating value for our shareholders, our stakeholders and the communities in which we operate. We are convinced that sharing this project with Portobello will provide enormous benefits for clients and for the professionals in the Infrastructure Services area,” said Ignacio Madridejos, CEO of Ferrovial.

“We are delighted to support the Infrastructure Services business in this new era, where we see significant organic growth opportunities and potential for consolidation in a fragmented market, and to partner with a leading management team with extensive industry experience,” said Íñigo Sánchez-Asiaín, founding partner of Portobello Capital. “We will support this business to strengthen its market-leading position and expand into new markets.”

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