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Bankia and FCC sell Globalvia to the funds USS, OPTrust and PGGM, which are exercising their preferential purchase right

Bankia and FCC have signed an agreement to sell 100% of the shares of Globalvia Infraestructuras to the funds USS, OPTrust and PGGM for up to €420 million. The two companies are joint and equal owners, with a 50% shareholding each.
Bankia Comunicación

By  Bankia Comunicación

Publish on 
23 October 2015

  • The funds have a pre-emptive right thanks to the €750 million convertible bond that they hold.
  • The price of the transaction could total €420 million, identical to the agreement previously reached by Bankia and FCC with the Malaysian fund Khazanah Nasional Berhad.
  • Bankia could obtain up to €210 million in a deal that is seen as positive for the bank in terms of liquidity and capital.

Bankia and FCC have signed an agreement to sell 100% of the shares of Globalvia Infraestructuras to the funds USS, OPTrust and PGGM for up to €420 million. The two companies are joint and equal owners, with a 50% shareholding each.

The funds have exercised their preferential purchase right as holders of a €750 million bond that is convertible into the company's shares.

The price of the transaction is identical to the price previously agreed by Bankia and FCC with Khazanah Nasional Berhad, the Malaysian government's strategic investment fund, announced on July 1.

The agreement is structured into an initial payment of €166 million, to be paid when the shares are actually transferred, plus a deferred payment to be made in the first six months of 2017, which could total up to €254 million depending on the company's valuation at the time of the bond conversion.

The transaction is subject to obtaining the obligatory authorisations from various public administrations that have granted concessions to Globalvia.

Bankia could obtain up to €210 million from the sale, which is seen as positive for the bank in terms of liquidity and capital.

The transaction is yet another step towards completing the Strategic Plan 2012-2015 for the BFA-Bankia Group, which involves divesting the company's portfolio of holdings.

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