Acciona Chile Sale Was Expected

Spanish infrastructure company Acciona has sold its stakes in 3 Chilean toll roads to Italy-based infrastructure investment firm Atlantia for $639m equivalent, including debt. As part of the deal announced yesterday, Acciona is selling 50% of Sociedad Concesionaria Autopista Vespucio Sur, 50% of Sociedad Concesionaria Litoral Central and 50% of Sociedad de Operacion y Logistica Infraestructura. “The deal was expected,” says a Madrid-based equities analyst, adding that Acciona has decided to focus on renewable energy assets. Another Madrid-based analyst says that in 2009, Acciona had purchased wind and hydro power assets in Spain and Portugal from Spain-based power company Endesa for about EUR2.8bn. Atlantia says it had purchased the remaining 50% stakes in 2008. In that deal, which also included assets in Brazil and Portugal, Atlantia paid EUR420m. UBS acted as Atlantia’s financial advisor and BBVA advised Acciona.