Investor Relations Company Presentation
150
YEARS
We are building the world of tomorrow.
HOCHTIEF
Abertis - Update on shareholder agreement, strategy and capital increase
In July 2023, HOCHTIEF/ACS and Mundys (formerly Atlantia) reached a new strategic collaboration agreement for Abertis with
the objective of strengthening Abertis' global leadership in transport infrastructure concessions
All partners are committed to promoting an investment plan to expand the portfolio of assets under management
and promote Abertis' growth and value creation while maintaining an optimal capital structure in line with the
requirements of credit rating agencies
The agreement also includes a new governance scheme whereby the partners will appoint twelve board members in equal
shares, as well as the appointment of the chief executives. Thus, Mundys will continue to appoint the CEO and the Secretary
of the Board, while HOCHTIEF/ACS will appoint the Chairman and the CFO.
These changes will not imply any modification in the consolidation method of Abertis, so that Mundys will continue to
consolidate Abertis globally in its financial statements, while HOCHTIEF/ACS will continue to account for its investment
as an equity investment
As part of the agreement, the ACS Group agreed to transfer a 56% interest in the SH-288 highway in Houston to
Abertis
On 17 October 2023, Abertis announced that it has won a tender in Puerto Rico for four toll roads with its USD 2.85bn bid. In
addition, the acquisition of a 56.76% stake in the SH-288 managed lanes project in Houston (Texas, USA) for USD 1.53bn
was finalized. These transactions are aligned with Abertis' long-term strategy of owning, operating and acquiring high-quality,
strategic toll roads that continue to extend the Group's concession-based cash flows. Furthermore, these transactions
reinforce Abertis' core exposure to hard currencies while leveraging its existing presence in the US. Both concessions
contribute to cash flow generation from inception given existing high levels of traffic and high EBITDA margins.
The shareholders will contribute EUR 1.3bn to support the financing of these transactions. Abertis will thereby maintain an optimal
capital structure in accordance with Abertis' commitment to maintain its credit rating.
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