ACS: ACQUIRES ATLANTIA'S 14.46% STAKE IN HOCHTIEF (ANÁLISIS BANCO SABADELL)
The company has just announced the acquisition of Atlantia’s 14.46% stake in Hochtief (~67% of ACS’ EBITDA; 40% of our T.P. for ACS) for € 578 M (~6% of ACS’ EV), which means a price of € 51.43/sh. (+7% vs. yesterday’s closing price and -35% vs. our T.P.). With this acquisition, ACS’ stake goes from 54% to ~68% (~70% excluding treasury stock).ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
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