Abertis will achieve a stake close to 90% in its subsidiary in France, HIT-Sanef

It also closes the purchase of 9,65% of AXA for 450 million euros

Reaches an agreement to purchase from Predica between 15% and 17% of HIT, which controls 100% of Sanef, for between 700 and 800 million euros.

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Abertis has reached an agreement to acquire an additional stake in He preaches at Holding d'Infraestructures de Transport (HIT), the company that controls 100% of Sanef.

 

The participation will range between 15% and 17%, depending on the exercise of preferential acquisition rights by the rest of the shareholders, and will mean for Abertis a cash outflow of between 700 and 800 million euros, depending on the percentage finally acquired. The closing of the operation is scheduled for the coming weeks.

 

Parallel, Abertis has closed the purchase of 9,65% of AXA République at HIT, announced on March 1, for a total of 450 million euros. Likewise, in January of this year, Abertis bought 10,52% of the Caisse des Dépots et Consignations (CDC) for 491 million euros.

 

After these operations, and at the closing of the acquisition of Preach, Abertis will have managed to increase its participation in Sanef up to nearly 90%, for a total amount of 1.640 million euros.

 

In financial terms, and since HIT consolidated globally in the accounts of Abertis, the acquisition will mainly impact the Group's net profit, with a minimum increase of 45 million euros in the 2017 accounts, depending on the stake finally acquired. Net debt will increase by the equivalent of the cash outflow.

 

 

 

The Group consolidates presence in its first market, France, a country with a stable concession framework and a clear commitment to public-private collaboration

 

 

 

These operations show Abertis' ability to grow its current asset portfolio while respecting financial discipline, reducing its operational risk profile, and balancing its global presence with greater weight in the developed markets where it has already operated with good results for years.

 

Furthermore, the operation increases the average duration of the Group's concessions and ensures a greater flow of dividends from France, which will help compensate for the termination of some concessions in the coming years.

 

Abertis reinforces its growth strategy in those solid countries, with stable concession frameworks and with a clear desire to commit to public-private collaboration in the highway sector. In this sense, France offers important opportunities for value creation in the future through agreements with the Government for new investments in exchange for the extension of the duration of the concessions or through rate increases, in line with those reached in recent years (Paquet Vert , Relance Plan).

 

Abertis in France

 

Abertis is France since 2006 through HIT, which controls 100% of Sanef. It directly operates more than 1.760 kilometers of highways in the northwest of France, Normandy and Aquitaine; which represent 22% of the country's total toll highways. The network of Sanef covers five of the seven access routes to Île-de-France (the Paris region), as well as routes connecting Germany, Belgium and Luxembourg with the north of France and UK.

 

France It is the largest market Abertis, with a contribution of 34% of total revenues (1.658 million euros) and Ebitda (1.112 million euros) in 2016.