ACS has undertaken an accelerated share placement in the market to raise around 1.8 billion euros to finance its growth, with the two main shareholders, Florentino Pérez and Criteria, contributing resources.
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The operation is structured in two moves. In the first, the company will increase its capital by 2% through the issuance of 5.4 million new shares, whose market price is around 700 million euros. The company’s shares closed this Monday’s session at 131.7 euros.
In this operation, Florentino Pérez and Criteria will acquire all the shares, but in a proportion where the La Caixa holding will acquire just over 4 million shares and the company president, about 1.2 million shares.
A capital increase that raises Criteria’s shareholding weight
With this move, Criteria will increase its shareholding by about 1.5%, now at 9.3%, reaching 10.8%. In contrast, Florentino Pérez will increase it by 0.4%, from his current 14.5%, thus controlling 14.9%.
In any case, Criteria has committed to subscribe to this amount of shares as long as its participation in the entire capital increase represents more than 25% of the entire placement. Both the company president and the La Caixa holding commit to holding the shares for at least 90 days.
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Sale of financial instruments for 1.1 billion
This accelerated placement has a second part, in which ACS will raise resources for 1.1 billion euros. It consists of the sale of derivatives subscribed by the company with Société Générale and CaixaBank as part of the company’s remuneration plans, which now mature. The entities will sell the shares in the market. In this case, 11.12 million ACS shares will be sold in the market.
ACS will dedicate the resources from both the capital increase and the financial swap to the development and implementation of its business plan, including the potential acceleration of certain investment opportunities within its capital investment framework of between 5,000 and 6,000 million euros.
“The funds are expected to be partially allocated to digital and technological infrastructure, including data centers, semiconductor facilities, and infrastructure related to artificial intelligence in key markets such as the United States, Canada, Europe, and Asia-Pacific,” it explains.
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