Abengoa Sells Brazil Lines to Reduce Debt

Abengoa Sells Brazil Lines to Reduce Debt

Brazil Europe M&A

Spanish engineering company Abengoa announced it is selling a 50% stake in four transmission concessions and 100% of concession company NTE in Brazil for EUR485m in cash to CEMIG. Analysts were positive on the deal due to the level of debt it will allow Abengoa to retire, although they say the price seems to be cheap for Cemig. According to the company, the combined price to book value multiple for the sale is 1.1x. “They were valuing their stake at 1.4x during their investor day,” whi

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