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UPDATE 2-Abertis consortium buys Catalan road concessions
December 5, 2012 / 5:51 PM / 5 years ago

UPDATE 2-Abertis consortium buys Catalan road concessions

(Recasts with confirmation)

MADRID, Dec 5 (Reuters) - 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 cash.

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)

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