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Sacyr seeks partner to compete for major US highway projects
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Sacyr seeks partner to compete for major US highway projects
Jul 15, 2024 3:01 AM

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)

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