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Spanish builder Sacyr Vallehermoso said on Monday it has sold its Itinere highway business to Citigroup infrastructure fund for 7.887 billion euros ($10.20 billion), cutting its debt pile by a third.
The transaction, which includes 5 billion euros in debt, cuts the constructor's total debt from Jan 1 by 37 percent to 12.5 billion euros and will ease mounting pressure on Sacyr to sell its around 20 percent stake in oil group Repsol.
Russia's Lukoil has expressed interest in buying the constructor's Repsol stake, prompting Prime Minister Jose Luis Rodriguez Zapatero to say that the government will fight to keep the oil major Spanish and independent.
Citi [C
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] will acquire Itinere for 3.96 euros per share and has reached a separate agreement with Spanish concessions group Abertis and Italy's Atlantia to sell the highways concessions in Spain, Portugal, Brazil and Chile.
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