(Recasts with confirmation)
MADRID Dec 5 A consortium led by Brazilian bank
BTG Pactual and Spanish infrastructure firm Abertis
have reached a deal to buy road operating concessions from the
Catalan government for 430 million euros ($563 million), the
companies said on Wednesday.
In a statement to Spain's market regulator, the firms said
the deal would be financed 70 percent by debt and 30 percent in
Abertis has a minority stake of 35 percent in the
consortium, meaning that it will not consolidate the debt on its
own balance sheet.
The consortium will make an initial payment of 310 million
euros to the Catalan government while the rest will be paid at
the end of the 25-year concession.
One of the operating concessions, Tabasa, posted a net
profit of 11.4 million euros and debt of 143 million euros in
2011, according to its annual report.
Employees at both Tabasa and the second concession, Tunel
del Cadi, went on strike on Wednesday to protest the
privatisation, which the Catalan government is doing to raise
funds to reduce debt.
($1 = 0.7642 euros)
(Reporting By Carlos Ruano and Tracy Rucinski; Writing by
Julien Toyer; Editing by Fiona Ortiz and Greg Mahlich)