Great peace between Benetton and Perez, agreement for the relaunch of Abertis
Mundys and ACS Group announce a new strategic collaboration agreement for Abertis with the main objective of strengthening global leadership of the company in transport infrastructure concessions. Both companies are committed to supporting an investment plan to expand the portfolio of assets under management and support Abertis’ growth and value creation.
The agreement, informs a note, it also provides for a new governance scheme, under which both partners will be able to appoint the same number of Board representativesas well as top management. Accordingly, Mundys will continue to appoint the CEO and Secretary to the Board of Directors, while ACS will appoint the President and CFO. As part of the agreement, both partners have agreed to transfer to Abertis the 56% stake held by the ACS Group in the SH288 highway in Houston, an operation subject to the corresponding government authorisations. Furthermore, Abertis is exploring new investment opportunities on global markets, maintaining an optimal capital structure in line with the requirements of the rating agencies.
These changes will not involve any change in the method of consolidating Abertis in both Groups, therefore Mundys will continue to fully consolidate Abertis in its balance sheetswhile ACS will continue to include its interest as an investment valued using the equity method.
This agreement marks an important step in the path of Abertis, which has demonstrated solid and sustainable leadership in the transport infrastructure sector over time. Abertis is an international reference operator in the management of high-capacity roads and intelligent mobility solutions. Committed to the social field and promoter of innovative solutions to mitigate climate change and promote the circular economy, Abertis collaborates in the design and development of more efficient, safe and sustainable mobility. Therefore, the new agreement will drive and accelerate the company’s growth to new levels of success.
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