CVC pursues giant Spanish infrastructure buyout

Julian Longhurst
06 July 2010

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CVC is understood to be closing in on a deal with the majority shareholders of Spanish infrastructure business Albertis over a potential buyout that would value the firm at more than €25bn.

The majority owners of Albertis, La Caixa and ACS, have reportedly been looking at some form of sale for over six months, with a buyout being just one option. Another option would see construction group ACS, headed by Real Madrid chairman Florentino Perez, sell its minority stake.

Although trading in Albertis' stock was suspended yesterday, the deal is by no means a certainty, as it relies on the ability of lead arranger Mediobanca to generate enough interest the €8bn package of leverage necessary to complete the transaction. If it goes through as indicated, the deal would involve the formation of a newco by the three parties. This, in turn, would launch an offer for the publically-owned stock.

Based in Barcelona, Albertis is a multidisciplinary infrastructure business, generating significant revenues from the management of toll roads in Spain and abroad, as well as airports, car parks and telecommunication networks. The company reported net profits of €119m for the first quarter of 2010.