Sacyr’s $1.6Bn Strategic Shift in Colombia sets the Stage for Future Growth
In a strategic move reflecting both confidence and ambition, Spanish infrastructure heavyweight Sacyr has inked a significant deal with Actis, the UK-based sustainable infrastructure investment platform, to divest its entire stake in three major public-private partnership (P3) road assets in Colombia.
Valued at a robust $1.6 billion, the agreement signals a new chapter in Sacyr’s long-term growth strategy.
The assets changing hands include three high-profile concessions: the Pamplona-Cúcuta Highway (Unión Vial Río Pamplonita), the Autopista al Mar 1 (Desarrollo Vial al Mar), and the Rumichaca Pasto Highway (Concesionaria Vial Unión del Sur). These routes serve as critical arteries in Colombia’s transport infrastructure, linking major commercial corridors and enhancing connectivity in regions vital to national development.
A Deal Above Market Expectations
What makes this transaction particularly noteworthy is its price tag: the $1.6 billion valuation comes in at 12% above the estimated asset value outlined during Sacyr’s 2024 Investor Day. That’s no small feat, especially in a market where infrastructure valuations are scrutinised for risk and regulatory burden.
The agreement, signed with Actis Long Life Infrastructure Fund 2, covers both debt and equity. While the sale is expected to close in the second half of 2025, it still requires the usual rubber stamps—regulatory approvals and customary conditions precedent.
“This transaction highlights the market’s confidence in the quality and operational strength of our P3 portfolio,” a Sacyr spokesperson noted. “It reinforces our asset rotation model while bolstering our long-term growth trajectory.”
The Financials: Gains, Losses, and Future Perks
Now, let’s crunch the numbers. While the transaction injects $318 million in fresh cash into Sacyr’s balance sheet—a healthy boost by any standard—the company will also take a hit on paper. Due to IFRIC XII accounting standards that apply to concession firms, Sacyr will record a one-time accounting loss of approximately €65 million.
But there’s a silver lining. As part of the purchase agreement, Sacyr is eligible for potential earn-outs valued at around $70 million. These variable payments hinge on the resolution of ongoing legal claims. Should these disputes resolve favourably, they could not only soften the accounting blow but also provide a net gain both financially and operationally.
“This is a textbook example of strategic financial engineering: releasing tied-up capital to pursue broader investment opportunities,” said an industry analyst at BBVA Research.
Fast-Tracking an Ambitious Growth Plan
At first glance, selling off successful infrastructure assets might seem counterintuitive. But for Sacyr, it fits squarely within its asset rotation strategy—a business model designed to fund new ventures by divesting mature or fully operational ones.
And there’s a bigger picture at play. The proceeds are expected to play a pivotal role in funding Sacyr’s ambitious 2033 roadmap, which aims to triple the firm’s equity base and overall asset valuation.
“Our vision is to reinvest in high-value, early-stage infrastructure projects, ideally with strong ESG credentials and long-term operational stability,” Sacyr’s CEO stated.
This recalibration also serves to rebalance the company’s international footprint. With a stronghold in Latin America and Southern Europe, Sacyr is actively looking to diversify its asset base geographically, reducing its exposure to regional economic volatility.
Remaining Footprint in Colombia
Despite the divestment, Sacyr isn’t packing up and leaving Colombia anytime soon. Far from it. The company still operates the Puerta de Hierro Highway, a key corridor that links the interior with the Caribbean coast. In addition, two large-scale developments remain in the pipeline:
- Buenaventura-Loboguerrero-Buga Road Corridor: This vital route connects Colombia’s largest Pacific port to inland markets, essential for export and logistics operations.
- Restoration of the Canal del Dique Ecosystems: A bold environmental infrastructure project aimed at rehabilitating one of the country’s most ecologically significant water systems.
These projects not only reaffirm Sacyr’s commitment to Colombian infrastructure but also illustrate the firm’s pivot towards sustainable and high-impact developments.
Actis: Building Long-Term Value in Latin America
For Actis, the acquisition adds to its growing portfolio of long-life infrastructure assets across Latin America. Known for its sustainability-led investment ethos, the firm has been actively expanding in transport, energy, and digital infrastructure.
“We’re thrilled to deepen our presence in Colombia through this acquisition,” said a senior representative from Actis. “These assets align perfectly with our strategy of investing in essential infrastructure that drives inclusive growth.”
With long-dated concession agreements, predictable cash flows, and mature operational structures, the three highways provide Actis with stable, long-term returns in a region with growing infrastructure demands.
Why the Colombian Road Market Still Matters
Colombia has proven to be fertile ground for infrastructure investment over the last decade. With the introduction of the 4G and now the 5G infrastructure programmes, the country has attracted billions in both domestic and foreign capital to improve its logistics backbone.
Sacyr was among the top beneficiaries, securing key concessions during the early phases of the 4G rollout. Now, as the focus shifts toward climate resilience and social impact, opportunities abound in next-gen projects, such as green corridors, climate-adaptive highways, and digital tolling systems.
This transition makes Colombia a sweet spot for investors like Actis who are eyeing a sustainable future. It also explains why, despite selling three core assets, Sacyr still sees long-term potential in the region.
A New Era for Global Infrastructure Players
The deal comes at a time when infrastructure companies across the globe are rethinking their portfolios. With mounting pressure from investors, regulators, and climate accords, firms are shifting towards greener, smarter, and more balanced infrastructure strategies.
Sacyr’s divestment to Actis ticks several boxes: monetising mature assets, unlocking capital for reinvestment, supporting ESG goals, and diversifying risk across geographies.
More broadly, it serves as a case study in how P3 operators can evolve from builders to portfolio managers, turning once-static assets into dynamic levers for growth.
“Infrastructure is no longer just about concrete and steel: it’s about climate, data, mobility, and resilience,” a consultant at McKinsey Infrastructure observed.
Momentum Without Borders
Sacyr’s $1.6 billion divestment in Colombia is more than a big-ticket transaction. It’s a signal of intent. By strategically rotating its portfolio, Sacyr is freeing up capital, sharpening its focus, and positioning itself for a future shaped by sustainability and digitalisation.
At the same time, Actis’s investment reinforces the appeal of Latin America for global infrastructure funds seeking reliable, long-term returns with meaningful impact.
As the dust settles, what’s clear is this: both players are not just moving pieces on the board—they’re rewriting the rules of the game.
