Florentino Perez, president of ACS, center, joins hands with Giovanni Castellucci, CEO of Atlantia, left and Marcelino Fernandez Verdes, president of Hochtief after a news conference in Madrid, Spain, Thursday, March 15, 2018. Representatives of three European firms, Germany's construction group Hochtief, Italy's Atlantia and Spain's ACS say an agreement to buy Spain's Abertis aims to create one of the world's largest ventures to build and exploit big infrastructure projects. The operation is valued at 18.18 billion euros (22.44 billion dollars). (AP Photo/Paul White)
The Associated Press
MADRID (AP) - Three European infrastructure companies are taking over Spain's Abertis as a joint venture that would bid for big projects worldwide.
The operation is valued at 18.18 billion euros ($22.44 billion). Germany's construction group Hochtief will initially purchase all shares of Abertis at 18.36 euros per share.
Italy's Atlantia and Spain's ACS, which had competed for months over the control of Spain's highway management group with separate takeover bids, will hold 50 and 30 percent in the final holding. According to a statement, Hochtief will keep 20 percent of the final venture, which will remain a Spanish company.
Representatives of Atlantia, ACS, and Hochtief said Thursday that the partnership opens the potential to jointly bid for projects in North America, Australia and Europe valued at 200 billion euros ($247 billion).
A man looks at his cell phone in front of the Abertis offices in Madrid, Spain, Thursday, March 15, 2018. Three European infrastructure companies are taking over Spain's Abertis as a joint venture that would bid for big infrastructure projects worldwide. The operation is valued at 18.18 billion euros ($22.44 billion). (AP Photo/Paul White)
The Associated Press
Giovanni Castellucci, CEO of Atlantia, left speaks with Florentino Perez, president of ACS during a news conference in Madrid, Spain, Thursday, March 15, 2018. Representatives of three European firms, Germany's construction group Hochtief, Italy's Atlantia and Spain's ACS say an agreement to buy Spain's Abertis aims to create one of the world's largest ventures to build and exploit big infrastructure projects. The operation is valued at 18.18 billion euros (22.44 billion dollars). (AP Photo/Paul White)
The Associated Press
Florentino Perez, president of ACS, center, raises his hand alongside Giovanni Castellucci, CEO of Atlantia, left and Marcelino Fernandez Verdes, president of Hochtief during a news conference in Madrid, Spain, Thursday, March 15, 2018. Representatives of three European firms, Germany's construction group Hochtief, Italy's Atlantia and Spain's ACS say an agreement to buy Spain's Abertis aims to create one of the world's largest ventures to build and exploit big infrastructure projects. The operation is valued at 18.18 billion euros (22.44 billion dollars). (AP Photo/Paul White)
The Associated Press