FCC to Sell Stake in Czech Water Unit to Mitsui for $127 MillionManuel Baigorri
Fomento de Construcciones & Contratas SA will sell 49 percent of its Czech water unit SmVak to Mitsui & Co. to help the Spanish infrastructure company reduce debt.
The Barcelona-based company will the stake to Mitsui for 97 million euros ($127 million), it said today in a statement. FCC will remain the controlling shareholder after the sale, which won’t affect FCC’s results, it said in a separate statement.
SmVak is the fourth-biggest water company in the Czech Republic and posted more than 42 million euros of earnings before interest, tax, depreciation and amortization on sales of 108 million euros in 2012.
FCC planned 2.2 billion euros of non-strategic asset sales, Chief Executive Officer Juan Bejar said in March. The company agreed to sell its stake in water and waste company Proactiva Medio Ambiente to Veolia Environnement SA for $198 million.
FCC advanced 0.1 percent to 7.317 euros by 10:18 a.m. in Madrid trading, after gaining as much as 1.8 percent, giving the company a market value of 931.5 million euros.
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