Sacyr is outlining the perimeter of its new concessions subsidiary, named Voreantis. Last summer, the company hired Banco Santander and Deutsche Bank to pilot the search for a financial partner to take a 49% stake in the newly created company. However, previously the company must define which projects it will transfer to Voreantis.
According to knowledgeable sources, the group chaired by Manuel Manrique has identified in a preliminary analysis the contribution of more than twenty mature concessionsmainly highways, which are located in Spain, Italy, Colombia, Chile and Uruguay.
Sacyr announced the creation of Voreantis last spring, within the framework of the presentation of its new strategic plan. The valuation he then estimated for this vehicle amounts to at least 1.6 billion euros. With the sale of 49%, the company estimates to obtain between 800 and 1,000 million euros, which it will allocate to the development of new concession projects and the reduction of its debt. The divestment process is now being detailed and the perspective is to launch it in the first quarter of 2025 aimed at infrastructure and pension funds.
Sacyr and its advisors have outlined an initial perimeter of Voreantis that includes around forty holding companies, concessionaires, maintenance operators and asset financing vehicles whose common denominator is that they are in operation. The Spanish multinational participates, after the last awards, in 75 concessions in the world, although many of them They are still in the construction phase or correspond to sectors such as water that will remain outside of Voreantis.
Italy emerges as the infrastructure group’s main market with a valuation of concessions of 817 million euros, according to the update it made last May. Sacyr participates in the projects with 49% of the SIS consortium, in which the Italian Fininc holds 51%. After taking over the Turin Hospital a few weeks ago, it has five concessions in the country. Voreantis will presumably include the Pedemontana-Veneta, A3 Naples-Pompeya-Salerno and A21 highways, leaving Sacyr Concesiones with the Vía del Mare, which is in the pre-construction phase.
Meanwhile, Colombia is the second market by asset valuation, with 629 million euros. Almost a year ago, Sacyr launched the sale of up to 100% of its shares in four highways in operation in the country: Puerta de Hierro, Rumichaca-Pasto, Mar 1 and Pamplona-Cúcuta. This process was later reformulated by 49%, but after receiving offers it was put on hold. The idea now is to include the four routes in Voreantis through the recently created ‘holdco’. In Colombia it also has the concessions in the earlier phases of the Buga-Loboguerrero-Buenaventura highway and the Canal del Dique.
The third country by value of the projects is Chile, where a year ago it also promoted an operation to transfer the 51% it has in the company that brings together five highways, a hospital and an airport, thus adding to the sale that it had previously attempted. Toesca partner. The creation of Voreantis has also left this process under review, although in this case it is possible that it will be reactivated or that assets will be sold individually. The plan is to include in Voreantis the Américo Vespucio Oriente I Highway, Route 78 Santiago-San Antonio and the Elqui Route.
Spain is the country that will foreseeably provide the most concessions to Voreantis. Specifically, Sacyr plans to contribute the majority of its highways (it has the Arlanzón Highway, the Eresma Highway, the Turia Highway, the Palma-Manacor Highway, the Viastur Highway and the Aunor Highway) and two interchanges (Moncloa and Plaza Elíptica), among other assets. In Spain it also operates several car parks and two hospitals (Noreste and Infanta Cristina), as well as Setas de Sevilla.
In addition, the group plans to incorporate its two concessions in Uruguay: the Central Railway and the Road Corridor Routes 21 and 24.
Sacyr also has concessions in operation in Paraguay, Mexico, Portugal and Peru, likely to be part of Voreantisalthough in the preliminary plan they are left out.
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