Sacyr

Sacyr

Sacyr

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SACYR S.A. (Spanish pronunciation: [saˈθiɾ]) is a Spanish infrastructure operator and developer company based in Madrid.

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History

The company was founded in 1986 as Sociedad Anónima Caminos y Regadíos and was renamed Sacyr in 1991.[2] The company received their first concession in 1996, which was the Chilean El Elquí highway.[3] From this moment on, it began its expansion by adding concessions in Chile and Spain and making purchases such as that of Avasa, the highway between Bilbao and Zaragoza.[4]

In 2002, it acquired 24.5% of Vallehermoso, a leading Spanish housing business founded in 1921. In 2003 it merged with Vallehermoso to form Sacyr Vallehermoso.[5]

In June 2006, Isolux Corsán presented a takeover bid for Europistas at a price of 4.8 euros per share, which meant valuing the company at 646 million euros.[6]

On December 1, 2008, an agreement between the Citigroup fund and Sacyr was announced, whereby Sacyr disposed of its subsidiary for €7,887 million, €2,874 million in cash plus €5,013 million in net debt that would be assumed by the fund. The agreement did not include concessions under development and concessions in operation that were not highways. In addition, the group would later acquire from Citigroup a series of toll roads worth €478.3 million and a series of concession activities in the launch and construction phase for a total amount of €450 million. Sacyr seeks to bring together all the concessions it holds in a new subsidiary, Sacyr Concesiones. Abertis also agreed with Citigroup to buy assets in Spain and Chile for a value of €621 million. Also, Atlantia would acquire stakes in toll roads in Portugal, Brazil and Chile for €420 million.[7][8][9][10]

In July 2022, the company was fined €16.7 million, along with five other contractors, by the Comisión Nacional de los Mercados y la Competencia (CNMC) for bidding collusion in public tenders for building and civil infrastructure works.[11]

Major projects

Major projects involving the business include the Torre Sacyr Vallehermoso, completed in 2008.[12]

Shareholdings

Sacyr was the largest shareholder in the Spanish oil company Repsol YPF, holding an approximate 20% stake.[13] On December 20, 2011, Repsol YPF bought half of Sacyr's stake back in order to save the shares from being seized in a foreclosure.[14] As of June 2021, SACYR owned 7.8% of Repsol YPF.[15]

References

  1. [1]
    "Annual Report 2020" (in Spanish). SACYR S.A. Retrieved 15 June 2021.
  2. [2]
    "Manuel Lao entra al grup d'infraestructures Sacyr com a accionista". Diari de Terrassa. 8 December 2021. Retrieved 20 March 2022.
  3. [3]
    "La batuta de Sacyr en las autopistas" (in Spanish). Expansión. 16 April 2008.
  4. [4]
    "Iberpistas and Sacyr buy Basque Aragonese for 126,000 million". El Pais. 19 September 2000. Retrieved 20 March 2022.
  5. [5]
    "Sacyr y Vallehermoso, una fusión que la crisis truncó" (in Spanish). El Mundo. 1 October 2013. Retrieved 14 August 2015.
  6. [6]
    "Isolux lanza una OPA sobre el 100% de Europistas y por un importe de 646 millones" (in Spanish). El País. 22 June 2006.
  7. [7]
    "Sacyr Vallehermoso cierra la venta de Itínere a Citi por casi 7.900 millones". El Economista. 1 December 2008.
  8. [8]
    "Sacyr vende Itínere a Citi y reduce su abultada deuda en un 37%". El Mundo. 1 December 2008.
  9. [9]
    "Sacyr Vallehermoso: Bruselas aprueba la venta de Itínere a Citi". El Economista. 16 February 2009.
  10. [10]
    "Sacyr vende Itínere a Citi por 2.874 millones más deuda". Expansión. 1 December 2008.
  11. [11]
    "Spain's six top builders fined, restricted over bidding collusion". Reuters. 7 July 2022. Retrieved 15 March 2024.
  12. [12]
    "Construction details" (PDF). Retrieved 14 August 2015.
  13. [13]
    Ruano, Carlos; Gonzalez, Andres; Aguado, Jesus; Roberts, Martin; Rucinski, Tracy (15 January 2010). "Repsol to keep boss, long-term strategy". Reuters. Retrieved 18 July 2010.
  14. [14]
    Repsol Rescues Top Holder, Buys EUR2.6Bn of Own Shares Wall Street Journal, 20 December 2011
  15. [15]
    "Santander outcrops 3.5% of Repsol with derivatives from Sacyr and the oil company itself". Planet Story Lines. June 2021. Retrieved 17 June 2021.


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