ACS sells stake in US highway
Highly indebted Spanish construction company ACS said Wednesday it had signed a deal with US group TIAA to sell half of its stake in a US highway concession for 588 million euros ($809 million).
ACS said the sale of the stake in the concession that runs the I-595 highway that links the Florida cities of Miami and Fort Lauderdale with the main east-west road across the state.
The transaction, still subject to regulatory approval, is in line with ACS's strategy of selling non-strategic assets as it seeks to reduce a debt which totaled 9.8 billion euros in June.
© 2011 AFP