Spain-based construction company Sacyr has divested all of its 2.9% stake in Spanish energy and petrochemical company Repsol for an undisclosed sum.
The transaction also includes options Sacyr held on shares of the Spanish oil company.
The decision to sell the stake comes in the wake of a surge in Repsol share prices over the past few days. This compensated for the liquidation cost of the derivatives of PUT options that served as insurance for the participation.
A spokesperson for the company was cited by Reuters as saying that Sacyr divested its shares in Repsol on the market during the past weeks.
Sacyr said that the sale reduced $603.1m (€563m) worth of debt associated with the shares. This leaves Sacyr with a $62.1m (€58m) positive accounting result.
The company plans to allocate these proceeds to reduce net recourse debt while focusing on its public-private partnership (P3) investment plan.
The sale also complies with Sacyr’s 21-25 strategic plan, which aims to focus on the concession business while promoting sustainability.
Sacyr plans to strengthen its P3 profile, incorporate sustainability into its value chain, reduce net recourse debt, and increase its shareholder remuneration.
Once the divestment from Repsol has been completed, Sacyr noted that it will “focus with even greater determination on accomplishing the rest of the goals in its Strategic Plan and on its consolidation as leading developer and operator of P3 globally.”
Earlier this year, Reuters reported that Repsol was considering the sale of some of its Canadian oil and gas assets later this year to capitalise on higher crude prices.
The firm is seeking potential buyers for its assets which are currently in the early stages of development in the Duvernay basin of Alberta.