Ferrovial Negotiates With Portobello To Keep 25% Of Its Services Subsidiary

Ferrovial and Portobello negotiate an adjustment in the scope of the sale of the infrastructure services subsidiary in Spain and Portugal of the group chaired by Rafael del Pino. Although the initial aim of the listed ran by transferring 100% of Ferroser Infrastructure , now the approach is on the table it is that the Spanish multinationalmaintain a minority stake, close to 25% of the capital, accordingpoint to elEconomista different next financial sources to the process.

Ferrovial thus plans to remain as a minority partner in Ferroser Infraestructuras , a company that encompasses various activities such as the management of airport control towers, the maintenance of roads, ports and hospitals, facility management , gymnasiums and shared bicycles, among others. A position that will allow you to nourish yourself from the future dividends of the company, in a market context with positive expectations for the activities you carry out. Ferrovial’s strategy , however, consists of abandoning the services business globally, so that in the medium or long term the door would remain open for a new divestment.

Ferrovial and Portobello , which declined to comment, finalize the agreement and, according to financial sources, it is expected that it will be announced in the coming days. The 100% valuation of Ferroser Infraestructuras is close to 200 million euros . The idea of ​​the Spanish private equity fund is to change the brand of the company and, as is usual in this type of purchase, to maintain the current management, headed by Juan Ignacio Beltrán, the group’s historical manager.

Outside the perimeter of the transaction have been the contracts of the business for the provision of services related to the energy efficiency of buildings, energy control centers and public lighting systems, among others. Ferrovial has grouped them into two companies, Yosemite Energy Efficiency and Redwood Energy Efficiency, which remain, like Siemsa, under the umbrella of the new energy area of ​​Ferrovial Construcción headed by María José Esteruelas . Likewise, the maintenance concession for a section of the A-2 highway in Aragón, Aravia, which has passed to Cintra, has been excluded from the operation.

Negotiations between Ferrovial and Portobello, advanced by this newspaper, began in the second quarter. In between, the company run by Del Pino and Ignacio Madridejos (CEO) also maintained contacts with Acciona for a possible integration of their service businesses in Spain with which to facilitate a sale. However, this option is currently parked.

With this acquisition, Portobello will boost its presence in Spain in the infrastructure services business. Currently, the firm owns the chain of gyms Sidecu and the mobility company Eysa .

Ferrovial signed Bank of America Merrill Lynch last spring as a financial advisor to participate in the search for investors, thus joining Morgan Stanley, which since 2020 has been piloting the global divestment of Services.

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