Red Electrica : Sale of minority stake in fibre optics business above estimated value
>REE sells 49% of Reintel for € 971m - REE has sold a 49% stake in Reintel (its fibre optics business with >52km of cable deployed along the electricity transmission grid and the railway network) to KKR for € 971m (22.1x EV/ EBITDA 21e) up to c.50% above our estimates (€ 650m, 12x EV/EBITDA) and those of consensus.The excess price above our implied valuation is € 321m, representing € 0.59/share, potentially increasing our reference valuation by +3.3%. If we were ...Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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