MADRID (Reuters) – Spanish construction firm Sacyr hired Santander and Deutsche Bank as financial advisers to find a partner for new unit Voreantis as a way to raise cash and better compete with larger rivals for contracts in countries such as the United States, a company source told Reuters on Monday.
The motorway concession company plans to sell 49% of Voreantis, in which it has placed all its current assets, aiming to raise 800 million euros ($872 million), Sacyr’s Chief Financial Officer Carlos Mijangos told Reuters earlier this month. [L1N3J40EG]
Sacyr’s financial advisers will formally contact investors in September to begin the process and the company expects to close a deal by the end of 2025, the CFO said. More than 10 funds have already approached Sacyr, Mijangos added.
(Reporting by Corina Pons; Editing by Pietro Lombardi)
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