Spanish group ACS is close to selling the Spanish port business of its subsidiary Dragados SPL to a JPMorgan infrastructure fund, though concerns about the port sector are hampering the deal.

Ports are seen as among the most vulnerable infrastructure assets in an economic downturn, with the recent crisis prompting many shipping lines to cut freight rates and capacity, even as the global economy starts to improve.

ACS is negotiating the sale of ports that account for about 90 to 95 percent of the earnings before interest, tax, depreciation and amortisation (EBITDA) of the Spanish business of Dragados SPL, three people familiar with the matter said.

Full Story...

Posted by mopeng at February 11, 2010 2:35 PM