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Globalvia increases its direct holding in Itínere to 40.6%

After purchasing the shares owned by Fondos Caser

Globalvia has acquired Fondos Caser 0.22% shareholding in Itínere, raising its direct ownership interest in the company to 40.6%. The transaction was agreed on the basis of the same terms as the deals made with Kutxabank, Abanca and Sacyr in 2018, which were also offered to other minority shareholders seeking an exit from the company.

Globalvia acquired Kutxabank’s and Abanca’s holdings in Itínere on 17 October 2018, since when it has also been involved in litigation to acquire the shares owned by Sacyr. Globalvia has already obtained a favourable ruling and clarificatory ruling from the Madrid Arbitration Court in relation to the acquisition of these shares.

On 24 July 2019 it purchased the shares in Itínere owned by Vidacaixa and Abanca Seguros, which accounted for 0.29% of the company’s capital, for €3.35 million. Last month, the Madrid Arbitration Court obliged Arecibo’s other shareholder to wind up the company and distribute the Itínere shares it held as its only asset. As a result, Globalvia will receive shares representing a further 16.3% of Itínere’s capital, raising its direct ownership interest in the company’s share capital to 40.6% together with the 23.81% stake acquired from Abanca.

It was not necessary to activate any preferential rights in favour of any other Itínere to acquire the shares from Fondos Caser, because the final and clarificatory rulings handed down by the Madrid Arbitration Court declared the shareholder agreement providing for these rights of first refusal terminated as of February 2018.

The increase in Globalvia’s interest in Itínere reflects the commitment of its shareholders, who understand that the concession company offers a quality investment whatever the corporate scenario. Globalvia’s intention is to add value by managing the assets acquired.