(Reuters) -Spanish engineering firm Sacyr has agreed to sell its stake in three toll roads in different regions of Colombia for $1.6 billion, the company said on Tuesday, as it raises cash to expand
Sacyr sells Colombian assets for $1.6 billion
(Reuters) -Spanish engineering firm Sacyr has agreed to sell its stake in three toll roads in different regions of Colombia for $1.6 billion, the company said on Tuesday, as it raises cash to expand in the United States.
Infrastructure fund Actis will take over the assets in Colombia, Sacyr said in a filing to the stock market regulator.
The transaction, which is expected to conclude in the second half of this year, will generate a cash inflow worth $318 million, it added.
Sacyr, which focuses on motorway concessions, said earlier this year that it intended to sell assets in Colombia and Chile and was looking for partners to bid for larger and more lucrative highway projects in the U.S. where it competes with bigger construction firms.
(Reporting by Mireia Merino and Tiago Brandao, editing by Inti Landauro, Kirsten Donovan)
