April, 18th 2012
Grupo ACS reduces its stake in Iberdrola to 14.85%
ACS has sold on the market a 3.69% of Iberdrola for a price of 3.62 €/share.
- The proceeds of the sale accounted for 800 million Euros, and will be dedicated entirely to reduce debt.
- Grupo ACS maintains its position as the reference shareholder of the utility company.
Grupo ACS has sold in the market a 3.69% of the capital of Iberdrola, through an accelerated bookbuilding for 3.62€ per share. The proceeds from the transaction accounted for 800 million Euros, to be dedicated to reduce corporate debt and to strength the liquidity of the Group after the release of the guarantees.
The net impact on the consolidated results of the Group will account for 540 million euros, that will be compensated with the capital gains after the sale of non core and non strategic assets during the year, like for example the partial sale of Clece that accounted for more than 150 million euros.
ACS maintains its position as reference shareholder of the Spanish utility with a stake of a 14.85% of the share capital, and remains as a loyal and stable long term partner of the company.