Meridiam and Bestinver’s €484 Million Acquisition of Acciona’s Portfolio

EY Abogados and Uría Menéndez advised Acciona on the deal.

ACCIONA has reached an agreement to sell its stake in eight concession assets in Spain to Meridiam and Bestinver, in a transaction valued at €484 million, of which €357 million represent the value of the holdings and €127 million the associated debt.

Specifically, ACCIONA will divest its concession holdings in the A-66 Highway Ruta de la Plata (Benavente-Zamora), the CM-42 Highway Los Viñedos (Consuegra-Tomelloso), the Álvaro Cunqueiro Hospital (Vigo), the Toledo Hospital, the Can Misses Hospital (Ibiza), the Infanta Sofía University Hospital (San Sebastián de los Reyes), the Navarra Channel and the Universitat de Barcelona’s Law School.

Meridiam will acquire leading stakes in all the eight assets for a total value of €312 million. Bestinver, through its new infrastructure fund, will take minority stakes in the CM-42 Highway and in the hospitals of Ibiza and San Sebastián de los Reyes for €45 million under the same financial conditions.

Crédit Agricole Corporate and Investment Bank has acted as sole financial advisor to Acciona in the transaction.

ACCIONA is a global group that develops and manages sustainable infrastructure solutions, especially in renewable energy. It business spans the entire value chain, from design and construction through to operation and maintenance.

Acciona’s in-house team involved both legal teams from Acciona Concesiones, led by Fernando Beguiristain and Acciona S.A., led by Beatriz Hernández-Gil and Acciona’s Chief Legal Officer José Julio Figueroa.

EY Abogados advised Acciona on the Vendor Due Diligence (VDD) for Tax, Data Protection, Labour and Legal matters. EY’s team was led by Tax partner Elena Sánchez, senior manager Jose Enrique Padilla and senior associate Teresa Liébana along with Data Protection partner Blanca Escribano and manager Luis Cisneros and Labour partner Raúl García and manager Miguel Prado.

Uría Menéndez also advised Acciona as external legal counsel with a team led by Madrid office M&A-Private Equity partner Manuel Echenique (Picture) and Madrid office Public Law partner Manuel Vélez along with M&A-Private Equity senior associate Ignacio Álvarez Couso and junior associate Íñigo Navarrete and Antitrust senior associate Tomás Arranz.

Involved fees earner: Luis Cisneros Burgos – EY Law; Blanca Escribano Cañas – EY Law; Raúl García – EY Law; Teresa Liébana Anero – EY Law; Jose Enrique Padilla Garcis – EY Law; Miguel Prado Agudo – EY Law; Elena Sánchez Llorente – EY Law; Ignacio Álvarez Couso – Uria Menendez; Tomas Arranz Bravo – Uria Menendez; Manuel Echenique Sanjurjo – Uria Menendez; Iñigo Navarrete – Uria Menendez; Manuel Vélez Fraga – Uria Menendez;

Law Firms: EY Law; Uria Menendez;

Clients: Acciona Concesiones S.L.;

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