* Abertis disposes of parking, logistics unit.
* Deal values Saba equity at 400 million euros
* Torreal, Criteria consortium to buy into new unit
MADRID, May 18 (Reuters) - Spanish infrastructure group Abertis ABE.MC has sold its car parking and logistics units to a consortium led by investment group Torreal in a 400 million euro ($571 million) deal.
The move, first announced in February, will extract value for Abertis’s dividend-hungry private equity shareholder CVC [CVC.UL] which bought a 15.5 percent stake last year. [ID:nLDE71M07G]
Abertis will create an unlisted subsidiary, Saba Infraestructuras, to manage its car parks and logistics businesses, allowing institutional investors to buy into it.
The deal valued Saba at 0.54 euro per share, or 400 million euros in total, not including debt, Abertis said.
Abertis said it will pay an extraordinary dividend of 0.67 euro, which could be taken as cash or shares in Saba Infraestructuras. Catalonian savings bank La Caixa, one of Abertis’s main shareholders, will take the Saba shares.
They said CVC and another Abertis core shareholder, Spanish builder ACS ACS.MC will take the cash option.
A group comprising Torreal, ProA Capital and Criteria CRIT.MC will become shareholders of Saba Infraestructuras. Abertis did not say what percentage they would hold of Saba.
By targeting private investors, Abertis hopes to raise more cash than through a listing. The new structure groups Abertis;s businesses into two divisions - the listed Abertis and unlisted Saba. (Reporting by Sonya Dowsett; Additional reporting by Robert Hetz; Editing by Dan Lalor) ($1 = 0.7011 euro)
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