Cedinsa completes the shareholding dance and looks for opportunities with Vauban

French subsidiary Natixis formally reaches 93% of the Govern concessionaire. With the new partner, the company discusses bidding for new contracts, such as those that will be tendered on AP-7.

New stage in Cedinsa, the concessionaire of the Generalitat of four highways with shadow toll – Transversal Axis (C-25), Aro Axis (C-35), Llobregat Axis (c-16) and Ter Axis (C-17). FCC signed at the end of March the sale of 51% that it had in this company to Vauban – the former Mirova-, controlled by the French  Natixis. In the   operation, the group chaired by Carlos Slim was detached in addition to the shares it had in Ceal, the company of the stretch of the L9 of the Airport and Urbicsa, the company that operates the Judicial City.

FCC has already explained that these three disinvestments, made by 409 million, represented a capital gain of 160 million and allowed it to deconsolidate 717 million debt (see EXPANSION last October 6).

The signing of the transaction, after half a year to comply with the administrative procedures and different permits, opens a new stage in a company that, originally – in October 2003 won the first contract- someone compared it to Abertis. The four highways he built and managed accounted for an investment of 1.421 million and concessions will expire between 2038 and 2040.

The end of public concessions policy for new infrastructure and the economic crisis limited Cedinsa’s activity to managing its four highways. The crisis also prompted the construction companies – Comsa, Copisa and Copcisa, in addition to FCC now- to detach themselves from their holdings in a process not without locks sometimes among the partners themselves. Vauban  has  92.65%, Comsa 4.9% and  Copisa, 2.45%.

The entry of the fund implies, for the president of Cedinsa, Javier Vizcaíno, to open a   “new stage” with three areas in which the company could grow in the coming years: the implementation of the vignette, the completion of the concessions of the AP-7, the AP-2 and the C-32 and the need to update the infrastructure stock.

New opportunities

Cedinsa believes that new infrastructure management and conservation opportunities (explicit free tolls) will arise, which will require, for example, a deployment of fiber optics or 5G in different corridors for the connected car.

“Before new public-private collaborations or the implementation of the vignette, we believe that maintenance contests will come out, “he says. The Ministry of Transport has received authorization from the Government to tender for 541 million, the conservation, in several lots, of AP-7 and AP-2, whose concession to Abertis ends next August. Cedinsa is analyzing it.

“We want to be an important player in mobility, digitization and energy transition,” says Vizcaíno, who says Cedinsa has already contacted telephony operators for fiber optic deployment and wants to leverage her expertise in power generation in her tunnels to bring her to other similar infrastructures. “We have the capacity to invest quickly,” says Javier Vizcaíno.

Cedinsa closed 2019 with revenues of 112.6 million and a profit of 30.1 million. Data from 2020, not yet available, probably worsened after experiencing a 28% collapse in  pandemic traffic.

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