The operation leaves the construction company with a positive cash balance of 58 million euros, which will be used to reduce debt and realize its investment plan.
Sixteen years after Sacyr started his adventure in Repsol, the construction company has decided to leave his capital for good. This Monday, it notified the CNMV of the sale of the 2.9% it held in the oil company and the liquidation of the put option derivatives entered into with a bank that acted as a hedge for that holding.
As a result of this operation, Sacyr grew by 1.5%, increasing the titles to 2.63 euros per share. Repsol, for its part, is currently rising 1.24% on the stock market with the titles at 15.35 euros.
In fact, in his statement, Sacyr explains that this operation has been possible thanks to the surge in Repsol’s stock price in recent sessions, which made it possible to offset the costs of settling put option derivatives (PUTs). as cover for participation.
Sacyr joined Repsol in 2006 with a 9.95% stake, which was expanded to 20% shortly afterwards, making the construction company the main shareholder. It later reduced its presence to 10% in 2011 and 8.2% in 2017. In March 2022, the company reduced that percentage to 2.9%.
The sale reduces the debt associated with these shares by EUR 563 million and leaves Sacyr with a positive cash balance of EUR 58 million, which will be used to reduce debt under recourse and realize its investment plan in concessions.
This operation represents the achievement of one of the objectives of Sacyr’s Strategic Plan 21-25: to improve the visibility of the company’s balance sheet and predictability of the income statement.
Sacyr recalls that thanks to this plan, it will strengthen its concession profile, which now accounts for 83% of gross operating profit (Ebitda); will reduce recourse debt, to which this operation also contributes), and increase shareholder compensation.
“Once Repsol’s exit is complete, Sacyr will focus even more vigorously and resolutely on achieving the rest of the objectives of its strategic plan and on consolidating itself as a leading developer and operator of concessions on a global level,” the company assures. . Sacyr also reaffirmed his full support for Repsol’s corporate strategy and policies to combat climate change.
Source: La Verdad
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