A JPMorgan infrastructure fund deal to buy the Spanish ports of Dragados SPL, a subsidiary of builder ACS, could close at between 700 to 800 million euros, subject to debt financing, a source directly involved in the negotiations said.

ACS entered talks with JPMorgan last year to sell the ports unit as part of a drive to cut down on its net debt pile, equivalent to 6.3 times 2009 its core earnings, but concerns over the state of world trade and Spain's financial woes have prevented any deal from closing.

Although Dragados's Spanish port division includes several ports, including those of Bilbao, Malaga and Las Palmas, sources familar with the matter have previously told Reuters that a key asset in the portfolio was the port of Valencia, which had revenue of 114.3 million euros in 2008

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Posted by mopeng at June 21, 2010 11:48 AM