Roadis Prepare a binding offer to buy 100% of Sacyr’s participations on the four highways managed in Colombia, according to market knowledgeable sources. The Spanish operator, owned by the Canadian PSP pension fund, has entered the last phase of the disinvestment process that Sacyr started in 2023 and whose outcome will decide the final perimeter of its new concession platform in operation, Voreantis. The transaction has a value greater than the 400 million euros.
Roadis has already presented his indicative offer for Sacyr assets in a competitive process to which international funds have also been approached. Final offers are expected for this February. Both Sacyr and Roadis have declined to make comments.
The four highways subject to divestment are the Pamplona-Cúcuta; Rumichaca-Pasto; Iron door; and sea 1 and second tunnel of the West. Together, the four roads, which are managed under a payment model for availability, total a length of 514 kilometers and the total investment reaches 2,250 million euros.
Sacyr hired Goldman Sachs in 2023 to pilot the sale of his road concessions in exploitation in Colombia. Initially, the idea of the group chaired by Manuel Manrique argued for selling a minority position (up to 49%) of his participations in the four highways. Subsequently, it opened to the divestment of up to 100% already end of last year, after testing the market appetite and putting the review process, rethinking the process again towards a minority. However, now all the options are open and the group will decide based on the offers you receive and the value you can extract from the operation.
For now now You have on the table the initial proposal of Roadis to take the total participations. Other firms would also have approached the process, such as the British Actis fund recently acquired by the American General Atlantic, according to Infranews. “Our sales processes of Chile and Colombia are still alive and value different alternatives since the macroeconomic situation has improved with the decrease in interest rates and, therefore, of discount rates,” Manrique said last November.
Sacyr already has the four highways included in the operation. They are part of the Fourth Generation (4G) runners program of Colombia. In 2021 the Puerta de Hierro Highway, 198 kilometers and required an investment of 296 million euros. The Spanish has 100% of the concession, whose term extends until 2044. In 2022 he did the same with the rumichaca-pasto highway, with 73 kilometers and 726 million inverted. In this case its participation is 60% – the remaining 40% is Sudoco – and the exploitation period is extended until 2044.
Also in 2022 Sacyr began the complete exploitation of the sea highway 1, with 181 kilometers and an investment of 646 million. With a term of concession also until 2044, the Spanish group has 37.5% of the capital -the Austrian Strabag adds 37.5% and the Concay local 25% -. The fourth project, inaugurated at the end of 2023, is the Pamplona-Cúcuta highway, which totals 62 kilometers and 592 million investment. It has 100% of the concession, whose life lasts until 2046.
Apart from these four highways, Sacyr, alone, He won in 2022 an additional road project in Colombia, within the 5G program. This is the BUGA-Loboguerrero-Buenaventura highway, with DE244 kilometers and an estimated investment of 800 million euros. The project is in the construction phase and its entry into operation is expected for this year. It is also executing the concession for the restoration of the degraded ecosystems of the Dike Canal, on the Magdalena River. Its investment amounts to 1,200 million.
For Roadis, the purchase of Sacyr highways would mean their landing in Colombia. The firm directed by José Antonio Labarra, heiress of the concession business of Isolux Corsán, has in this country a strategic growth of growth for years. Not in vain, in the past He already tried to buy other assets, such as coastal and peaceful route 3.
The Chilean process
The divestment in Colombia conditions the perimeter that will have the new Voreantis, in which Sacyr will agglutinate most of his exploitation concessions in the world. In fact, the closure of the Colombian highway process affects the calendar for the search for a partner in Voreantis. The company’s plan, which has just announced the appointment as CEO as of June of Pedro Sigüenza, until now General Director of Sacyr concessions, is to launch the sale of 49% of the company in the first quarter of this year with the Objective of obtaining around 1 billion euros. With these funds it will reinforce your balance and get resources to finance your future concessional projects, with the priority focus in the United States.
Sacyr contemplates three scenarios in the Colombian process: transfer all of its participations; partially disinvert, in which case it would include the positions that it retains in Voreantis; or not sell and, therefore, transfer assets to your new platform.
Regarding the sale of 51% of Sacyr in a joint society with Toesca that brings together seven assets in Chile (five highways, a hospital and an airport) and that also started more than a year ago, the process is in a more slowed state And at this time the foreseeable thing is to join Voreantis, according to market sources.
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