Sacyr divests Environmental Unit to Morgan Stanley Infrastructure
The Spanish multinational company Sacyr has successfully completed the sale of its environmental services division, Valoriza Servicios Medioambientales, to Morgan Stanley Infrastructure Partners.
This transaction, which was initially announced in June, marks a significant step in Sacyr’s strategic plan to reduce its recourse debt substantially and to sharpen its focus on P3 (Public-Private Partnership) infrastructure projects.
The deal culminated with the sale of shares amounting to €420 million for Sacyr, placing the overall enterprise value of Valoriza Servicios Medioambientales at approximately €734 million, including both debt and equity. The environmental services unit showcased a robust financial performance with an EBITDA of €80 million in the fiscal year 2022.
Furthering its strategic portfolio realignment, Sacyr is currently negotiating the sale of another division, Sacyr Facilities, to Serveo. The agreement, which was reached in July, evaluates Sacyr Facilities with an enterprise value of €87 million and an equity value of €76 million. Additionally, the deal includes a contingent consideration of up to €15 million for Sacyr, which depends on the outcome of various ongoing claims.
Morgan Stanley Infrastructure Partners, the acquiring entity, stands as a formidable force in the global private infrastructure investment sector. With a heritage stretching back to 2006 and with more than $16 billion in assets under management, the firm invests in a wide array of assets, including over 30 investments in sectors such as transport, digital infrastructure, energy transition, and utilities.
Morgan Stanley Infrastructure Partners is known for its strategic approach to investing in assets that are essential to the public, with a keen focus on generating value through proactive asset management.
