Iridium sells stake in Spanish Hospitals to Mirova
ACS Group, through its subsidiary Iridium, and Mirova Core Infrastructure have agreed the sale of Iridium’s 80% stake in two Spanish hospital concessions and the operating company of one of them.
Iridium Company, entirely owned by ACS, has completed the sale of 80% of Iridium’s stake in Son Espases Hospital (Palma de Mallorca) and Gran Hospital Can Misses (Ibiza) together with its operating company, with an enterprise value of €418 million (US$477 million) on a 100% basis, and a total price of around €43 million (US$49 million).
Iridium will still have an active role in the management and the operation of the concessions by maintaining a 20% stake along with a significant presence in the governing bodies of the mentioned concessions and supporting them in the same way that Iridium has been doing so far.
Son Espases Hospital has been operating since 2010 and Gran Hospital Can Misses since 2013. The concession’s revenues are based on availability payments with a remaining period of 25 years in the concession. All projects have been financed with long term debt.
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