Sacyr, through its subsidiary Sacyr Concessions, has reached an agreement to sell 49% of its stake in seven concession assets in Chile to the investment fund Toesca Infraestructura SC.

The agreement involves the creation of a new special-purpose vehicle firm called Concesiones Viales Andinas (Coviansa), in which Toesca will have a 49% stake and Sacyr the remaining 51%. The amount of the transaction is EUR 440 million (US$ 495.27 million). The sale is subject to the usual standards of this type of transaction, including communication to the Competition Authority. It is expected that the operation will be formalized in July 2019.

Sacyr will allocate part of the funds obtained in this transaction to reduce its corporate debt and finance other projects in Chile, such as the Los Vilos-La Serena highways (between La Serena and Coquimbo), recently awarded, Américo Vespucio Oriente, or the airports of Arica (Chacalluta Airport) and Puerto Montt (Tepual airport), awarded a few months ago, as well as addressing new concessions projects in Chile.

Sacyr will continue to control and manage the seven assets included in the operation, so it will maintain their global consolidation in the accounts. This way, the partial sale will not have an accounting effect. The assets included in the agreement are five highways, totaling 701 kilometers, the Antofagasta Hospital, with 671 beds, and El Tepual Airport.