Abertis: Hochtief receives pitches from funds for innovative deal structures - sources

19 January 2018 - 01:43 pm UTC

Author(s): by Rupert Cocke@Rupert Cocke
Infrastructure funds that are looking into joining Hochtief’s [FRA:HOT] bid for Abertis [BME:ABE] could consider innovative deal structures, said a source and a person familiar with the situation.
 
There are many different ways to put together a consortium bid, said the source. One idea would be to bring the funds in on the debt side, rather than providing equity, the source said, adding that this could be combined with some kind of convertible option.
 
Hochtief would be likely to sell Abertis’s stakes in Cellnex Telecom [BME:CLNX] and its satellites business Hispasat if its bid is successful, this news service reported in November.
 
Although nothing has been decided yet, thousands of ideas are being pitched at the moment, said the person. However, no announcements are imminent, the person said, adding that the next step would be to obtain approval for the bid prospectus from Spain’s National Securities Market Commission (CNMV), slated for February.
 
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