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Sacyr shortlists four bidders for its service, waste management unit – Expansion
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Global Banking and Finance Review
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MADRID (Reuters) – Spanish conglomerate Sacyr has shortlisted four firms as potential buyers of its service and waste management unit, valued at around 500 million euros ($552 million), newspaper Expansion reported on Wednesday, citing market sources.
MADRID (Reuters) – Spanish conglomerate Sacyr has shortlisted four firms as potential buyers of its service and waste management unit, valued at around 500 million euros ($552 million), newspaper Expansion reported on Wednesday, citing market sources.
Sacyr has picked investment funds Morgan Stanley Infrastructure Partners, Luxembourg-based Cube Infrastructure Partners and London-based HIG, as well as waste management company Urbaser, Expansion reported.
The shortlisted investors are looking into the accounts of Valoriza Servicios Medioambientales, as the unit is known, and are expected to make formal bids by May 25, Expansion said.
Sacyr declined to comment and none of the four potential buyers immediately returned messages seeking comments.
The divestment plan would bring additional cash to speed up Sacyr’s growth in its concession infrastructure businesses, mainly in continental Europe, Britain, Australia and Canada.
($1 = 0.9054 euros)
(Reporting by Inti Landauro and David Latona; Editing by Tomasz Janowski)
Divestment is the process of selling off subsidiary business interests or investments. Companies often divest to focus on core operations or to raise capital.
An investment fund is a pool of money collected from multiple investors to invest in various financial assets, managed by professionals to achieve specific financial goals.
Corporate strategy refers to the overall plan and direction a company takes to achieve its long-term goals, including decisions on resource allocation and business operations.
A bidder is an individual or entity that offers a certain price for an asset or business during an auction or sale process.
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