Dragados and Logistics Port Services sold

The transaction, undertaken through the Group’s subsidiary, Actividades de Construcción y Servicios, SA, is conditional on approvals and permits. It is understood that most of the revenue from the sale may be used to clear Dragados SPL’s debt, which is estimated at up to €600m (US$770m).

These debts were taken off ACS’s €10.45bn (US$1.86bn) debt pile to June as the ports were classified as awaiting sale.

The construction conglomerate, which is seeking to divest non-core assets to focus on building up its energy business, sold the ports to a group of institutional investors advised by the asset management arm of US investment bank JP Morgan.