(Bloomberg) -- Spanish infrastructure firm Sacyr SA said it would explore divestments, including the sale of 49% of its services unit, to focus on its core concession business and fast-track its goal to cut debt.
The company will also seek an investment partner for 49% of Sacyr Water to speed up the unit’s growth, the firm said in a filing with regulators Wednesday. Sacyr said it will continue to “rotate” non-strategic or minority stakes in its public-private partnership, or P3, assets to balance its portfolio geographically.
“Sacyr expects these different operations to be concluded in the next year, with the end goal of drastically reducing recourse net debt two years in advance, an objective set for 2025 in the Strategic Plan,” the firm said.
As well as cutting debt, the aim of the divestment plan is to deploy additional resources to speed up growth in infrastructure P3 assets in Sacyr’s priority markets. The firm is aiming for a balanced portfolio with a third of its assets each in Latin America, Europe and English-speaking countries.
Sacyr said its strategic plan is on track. The company will end this year with revenues in excess of €5 billion ($4.93 billion), close to its €5 billion goal set for 2025.
The company had already achieved its target of having 85% of group Ebitda coming from P3 assets in the first half of this year, Sacyr said.
“These activities, with low demand risk, produce a steady and recurring income,” according to Sacyr.
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