Sacyr seeks partner to compete for major US highway projects
By Corina Pons
MADRID, July 15 (Reuters) -Spanish construction firm Sacyr SCYR.MC will hire financial advisors this month to help find a partner for new unit Voreantis as it seeks to raise cash and compete with larger rivals for lucrative infrastructure contracts in the United States.
The motorway concession company plans to sell 49% of Voreantis, in which it has placed all its current assets, aiming to raise 800 million euros ($872 million), Sacyr's Chief Financial Officer Carlos Mijangos told Reuters.
"We are going to fight at the same level as other big competitors that have big assets in the U.S. We are already in that league," Mijangos said in an interview in Sacyr's headquarters in Madrid.
Spanish giant Ferrovial FERF.AS is also betting on the U.S. market.
Sacyr expects its financial advisors will formally contact investors in September and close a deal by the end of 2025, Mijangos said. More than 10 funds have already approached Sacyr, he added.
The company expects to leverage its growth to win larger and more profitable motorway concession projects in the U.S. and triple its market value from the current 2.6 billion euros by 2033, he said.
Mijangos is not concerned that a change of administration in the U.S., should Donald Trump win November's presidential election, would derail publicly-funded projects as Sacyr intends to bid mainly for those developed by individual states rather than the federal government.
Sacyr sees opportunities around major cities in the southeastern states of Georgia, Tennessee and Louisiana, where many 70-year-old highways need investment.
"There's a lot more to update in the United States (than in Europe)," he said.
Separately, Sacyr is reviewing its plan to sell assets in Colombia and Chile and may instead transfer them to Voreantis. The company also operates in Southern Europe, Canada and Australia.
"Right now is not the best time to sell them because valuations are still unattractive," Mijangos said.
($1 = 0.9172 euros)
Reporting by Corina Pons; editing by Charlie Devereux and Inti Landauro, Kirsten Donovan
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