After reporting losses of €1,028 million, the new chief executive officer of the Spanish construction group FCC, Juan Bejar, wants to get rid of non-strategic assets. In this line, Spanish newspapers reported yesterday that FCC has hired BBVA to find a buyer for the 50 % stake that FCC has in Proactiva.  Proactiva is one of the largest waste and water management firms in Latin America and it is present in the most important countries in the region, such as Brazil, Chile, Mexico, Peru and Colombia.

The other 50 % of Proactiva is owned by Veolia, the French multinational. According to various sources, Veolia is the preferred buyer for the 50% owned by FCC. To analyze the operation, Veolia has retained the services of Société Générale. If Veolia does not want to go ahead with the transaction, FCC would try to find another buyer in the markets.

Proactiva reported revenues of €538.4 million in 2012, representing a growth of 14.5%. The company achieved a gross operating profit of €104.8 million, representing an EBITDA margin of 19.5%. Its total net financial debt at December 31 amounted to €107.8 million. With this results, sources have commented that the company could have a valuation of between €400 and €500 million.

Along with the sale, FCC wants to sell its stake in Globalvía (the infrastructure developer), its renewable energy business, and its stake in Realia (the real estate subsidiary).