Acesa’s stake in Brisa now stands 10%
with the purchase of a further 5% from BPI-SGPS
May 2th, 2002THE NEW TRANSACTION COSTS €151 MILLION
Acesa has executed the agreement reached on 18 March with BPI-SGPS and has acquired a further 5% of the share capital of the Portuguese motorway concessionaire operator Brisa for €151 million (€5.04 per share).
This price represents the €5.25 per share initially agreed, less the dividend of €0.21 per share distributed by Brisa for FY 2001 and paid out on 18 April.
Adding this latest purchase to that carried out on March, Acesa now holds a 10% stake in the company and becomes its second-largest shareholder, behind the Mello Group. This had involves a total investment of €309 million and, at the april closing price (€5.50 euros per share), involves unrealised gains for Acesa of €21 million.
The acquisition marks a further step in the policy, commenced two years ago with the purchase of stake in Autostrade S.p.A, (which was later followed by the purchase by Autostrade of a stake in Acesa), designed to consolidate Acesa’s position in Europe with profitable, secure investments which also facilitate the adoption of joint technological and strategic initiatives.
Brisa obtained a profit of €212 million in 2001
Brisa is Portugal’s leading toll motorway concession operator, managing more than 900 kilometres of motorway under a concession period which ends in 2032. In 2001, Brisa earned a profit of €212 million and income of €477 million. Its Average Daily Traffic (ADT) exceeded 27,000 vehicles.
Over the course of 2001, Brisa made investments totalling more than €400 million in improving and extending its motorway network, part of a plan to increase the network from the current figure of 900 km to more than 1,100 km by the year 2004.
Brisa has a 17% stake in the Brazilian motorway concession operator CCR, which operates a network of more than 1,250 km, and 2% of the electricity company Electricidade de Portugal (EDP).
Brisa has a stock market capitalisation exceeding €3,000 million. June 2001 saw the completion of its privatisation process, commenced by the Portuguese government in 1997. Its shares are, today, quoted on the Lisbon stock exchange and its leading shareholder is the Mello Group, which controls more than 20% of the company’s shares. Other shareholders with significant stakes are Banco Comercial Português (BCP), Investimentos e Participaçôes Empresariais and Caixa General de Depósitos.