(Updates with more context and OHL press release)
DOW JONES NEWSWIRES
Spain's Actividades de Construccion y Servicios SA (ACS.MC) said late Wednesday it sold a 10.035% stake in Abertis Infraestructuras SA (ABE.MC) for a total of EUR875.3 million, which will generate a pretax capital gain of EUR191.5 million.
Debt-laden Spanish construction company ACS on Wednesday set a new plan to ease its financial problems. ACS is in a difficult financial position due to its high level of debt and the falling value of its investments. The company has sought to remedy the situation by selling assets in order to strengthen its balance sheet.
In August 2010, ACS sold another 15.5% stake in Abertis to CVC Capital Partners.
In a separate filing to the Spanish stock market regulator, Abertis said it bought from ACS 41.4 million of its own shares, or a 5.3% stake, for EUR11.21 per share or a total of close to EUR464.1 million.
Following this purchase, Abertis has raised its treasury stock to 10%.
Meanwhile, Abertis said late Tuesday that it agreed to have smaller peer Obrascon Huarte Lain SA (OHL.MC) as a key shareholder with a 10% stake in exchange for toll roads in Brazil and Chile.
In its Wednesday filing, Abertis said it will be able to cede to OHL all of its own shares in a maximum period of three months, as part of the deal sealed Tuesday.
Meanwhile, OHL added late Wednesday it signed an equity swap agreement for an additional 4.7% of Abertis with a six-month period that can be paid in cash or shares. While OHL didn't specify it, it's understood that the package would come from the stake sold by ACS.
Regulator website: www.cnmv.es
-By Enza Tedesco and Pablo Dominguez, Dow Jones Newswires; firstname.lastname@example.org
(END) Dow Jones Newswires
April 25, 2012 17:07 ET (21:07 GMT)
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