Sacyr has completed the sale of 100% of its services unit, Valoriza Servicios Medioambientales (VSM), to Morgan Stanley Infrastructure Partners.
This divestment, announced in June, corresponds to Sacyr’s strategic objective to drastically reduce its recourse debt and focus its activity on P3 infrastructure projects.
The shares sold totaled €420 million for Sacyr and the enterprise value of VSM (including debt and equity) amounts to approximately €734 million.
Valoriza Servicios Medioambientales reached an EBITDA of €80 million in 2022.
The company is in the process of selling its Sacyr Facilities unit to Serveo, with whom it reached a sales agreement in July.The transaction assigns Sacyr Facilities an enterprise value of €87 million and an equity value of €76 million. In addition, Sacyr may receive up to €15 million depending on the success of the various claims currently in progress.