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FCC sells CEMUSA to JCDecaux for 80 million euro

16/03/2014

FCC sells CEMUSA to JCDecaux for 80 million euro

• FCC, the Citizen Services Group, has made progress with its divestment plan to reduce debt

 

FCC sells CEMUSA to JCDecaux for 80 million euro

FCC has reached an agreement to sell CEMUSA, its outdoor advertising subsidiary, to JCDecaux for 80 million euro. This transaction is part of the divestment plan aimed at reducing FCC's debt.

Juan Béjar, Vice-Chairman and Managing Director of FCC: "This deal represents progress in our commitment to reduce debt by 2.7 billion euro, of which 2.2 billion euro will be through asset sales". Béjar added that "the integration of CEMUSA in JCDecaux opens new doors for the professionals in the outdoor advertising subsidiary as they will be joining a global leader in the industry".

CEMUSA is a leading Spanish company in the design, manufacture, installation, and maintenance of outdoor advertising. It operates in 160 cities in five countries: Spain, the US, Brazil, Portugal and Italy. The company obtained revenues of 142 million euro in 2013.

Commitment to divestments
Since the Strategic Plan was implemented in late March of last year by the Group's Vice-Chairman and CEO, Juan Béjar, FCC has reached an agreement to sell its 50% stake in Proactiva to partner Veolia for 150 million euro, and has sold its 49% stake in its water subsidiary SmVak (Czech Republic) for 97 million euro as well as a 39% stake in Enniskillen Hospital (Northern Ireland) for 23 million euro.

At the end of last month, FCC reached an agreement to sell its Logistics division to venture capital firm Corpfin for 32 million euro. Before the end of 2013, FCC reached an agreement to sell 51% of the company holding its renewable energy assets to Plenium Partners.

Other divestments in the period included Hotel Vela in Barcelona, in which FCC had a 25% stake, and Autopista del Valle in Costa Rica, for 13 million euro, as well as other real estate assets.