Ferrovial sells Amey

ongoing

Ferrovial has reached an agreement for the sale of 100% of the Amey group, almost completing the divestment of its former Services division. The acquiring vehicle is a UK company controlled by funds managed by One Equity Partners, who are entering into the transaction alongside their acquisition partner, Buckthorn Partners. The transaction represents an enterprise value of GBP 400 million (€455 million) and an estimated equity value of approximately GBP 245 million (€278 million). The final consideration to be paid upon completion of the transaction will be adjusted by reference to the net debt and working capital figures resulting from a balance sheet prepared as of that date. The net consideration will be in the form of cash of GBP 109 million (€124 million) and a vendor loan note of GBP 136 million (€154 million) repayable over the next 5 years with an interest of 6% per annum, increasing to 8% after the third year. Amey currently provides a range of critical services in the UK, including infrastructure maintenance and upkeep, consulting and facility management. It also provides a waste treatment business, which as previously announced is not part of this sale. Ferrovial will retain the UK waste treatment business within its Energy Infrastructure and Mobility division. Final completion of the deal is subject to regulatory clearances and is expected to take place in 2022. Capital gain estimated to be around €50 million after recycling through the P&L of translation differences and interest rate hedges. Amey, excluding the waste treatment business, has a workforce of approximately 11,000 employees, reported GBP 1,386 million in revenue in 2021 (€1,647 million) and GBP 43 million in EBITDA (€51.5 million), while its backlog totaled GBP 6,133 million (€7,290 million).