ACS hires bankers to sell environment subsidiary
Spanish infrastructure developer ACS Group has plans to sell its environmental subsidiary, Urbaser, which provides waste management and treatment services.
According to sources, ACS has hired BBVA and Societe Generale as financial advisors to conduct the transaction.
According to sources, the environmental company could has an estimated value of between €2 billion (US$2.18 billion) and €2.5 billion (US$2.73 billion). In 2014, Urbaser had a turnover of €1.65 billion (US$1.8 billion), which represents an increased of 8.3% from 2013, and its portfolio of contracts amounted €8.45 billion (US$9.23 billion).
Urbaser S.A., which is is based in Madrid (Spain), offers street cleaning, waste removal and transporting, urban waste treatment and recycling, and management of water cycle and urban landscape, and gardening services. The company also removes and treats used mineral oils and industrial waste.
This is not the first time that ACS aims to sell Urbaser. In 2008, ACS tried to sell the company to use the funds to reduce 50 % of the Group's debt. ACS has, as of September 2015, a total debt of approximately €3.9 billion (US$4.25 billion).
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