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No Progress Re Sale Of 49% Stake In Saba

13 October 2015 – Expansión

At the beginning of the year, KKR, Torreal and the fund ProA Capital, the minority shareholders that together own 49% of the share capital of Saba Infraestructuras, engaged Citi to manage the sale of their stakes.

Since then, the car park group controlled by Criteria (50.1%), La Caixa’s industrial holding company, has significantly increased in size, through the acquisition of new businesses, and so the company’s valuation could now amount to around €1,200 million. However, five months after the municipal elections, there has not been any progress in terms of the original operation for various reasons, including, the uncertainty caused by the arrival of the new mayoresses in the two cities that are critical for Saba.

The most significant case is Barcelona, where Saba was awarded the privatisation of 26 car parks in the city, managed through the mixed municipal company Bamsa under the former legislature, led by the government of Xavier Trias. Following the arrival of Ada Colau, the criticism regarding the paralysis of this and other municipal companies is growing. Saba’s revenues amounted to €190 million in 2013 with an EBITDA of €77 million.

Original story: Expansión

Translation: Carmel Drake