Rome, 10th May 2016 – Astaldi, through Astaldi Concessioni, along with CIF, IL, INFRA, and 2G, has signed an agreement with Abertis, the Spanish conglomerate with a market leading position in the management of toll roads, for the sale of Reconsult, the special purpose vehicle that holds 44.85% of A4 Holding.
Astaldi’s stake, equal to 31.85%, has been valued at app. EUR 130 million, in line with the book value and also taking the repayment of Reconsult’s debt and other minor accounting effects, into account.
The payment of the sale has been established for January 2023. Therefore, Astaldi and the other sellers have structured a no recourse receivable sale, which will allow the Company to collect the net amount of EUR 110 million at the closing, scheduled in July 2016.
The closing will be subject to certain conditions, including antitrust authorisation and approval by the Italian government's interministerial economic programming committee ("CIPE") of the A31 extension.
This transaction is part of Astaldi’s strategic plan to dispose of concession assets, approved by the Company’s Board of Directors.