ACS-Actividades de Construccion & Servicios SA, a Spanish construction company, agreed to sell seven power transmission lines in Brazil as it continues its asset disposal strategy to reduce debt.
ACS, through its units Area Industrial, Cobra, Cymi and CME, signed an accord to sell seven power lines in Brazil at an enterprise value equivalent to 751.7 million euros ($942.2 million), the Madrid-based builder said in a statement today.
ACS said 423.4 million euros was equity and the remaining 328.3 million euros was debt. The transaction is pending regulatory approval, it added.
As Spanish building companies are hit by government spending cuts on infrastructure to reduce the budget deficit, ACS is selling assets to pay down debt. Last month, ACS sold 10 percent of Abertis Infraestructuras SA for 875.3 million euros as builder Obrascon Huarte Lain SA built a stake in the toll-highway operator.
ACS shares fell 0.9 percent to 13.82 euros. The stock has lost almost 40 percent of its value this year.