MADRID, July 15 (Reuters) - Spanish construction firm
Sacyr will hire financial advisors this month to help
find a partner for new unit Voreantis as it seeks to raise cash
and compete with larger rivals for lucrative infrastructure
contracts in the United States.
The motorway concession company plans to sell 49% of
Voreantis, in which it has placed all its current assets, aiming
to raise 800 million euros ($872 million), Sacyr's Chief
Financial Officer Carlos Mijangos told Reuters.
"We are going to fight at the same level as other big
competitors that have big assets in the U.S. We are already in
that league," Mijangos said in an interview in Sacyr's
headquarters in Madrid.
Spanish giant Ferrovial is also betting on the U.S.
market.
Sacyr expects its financial advisors will formally contact
investors in September and close a deal by the end of 2025,
Mijangos said. More than 10 funds have already approached Sacyr,
he added.
The company expects to leverage its growth to win larger and
more profitable motorway concession projects in the U.S. and
triple its market value from the current 2.6 billion euros by
2033, he said.
Mijangos is not concerned that a change of administration in
the U.S., should Donald Trump win November's presidential
election, would derail publicly-funded projects as Sacyr intends
to bid mainly for those developed by individual states rather
than the federal government.
Sacyr sees opportunities around major cities in the
southeastern states of Georgia, Tennessee and Louisiana, where
many 70-year-old highways need investment.
"There's a lot more to update in the United States (than in
Europe)," he said.
Separately, Sacyr is reviewing its plan to sell assets in
Colombia and Chile and may instead transfer them to Voreantis.
The company also operates in Southern Europe, Canada and
Australia.
"Right now is not the best time to sell them because
valuations are still unattractive," Mijangos said.
($1 = 0.9172 euros)