ACS sells stake in US highway

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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

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