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Tue 11 Oct 2016 09:38 AM

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Spain's Abertis agrees to sell 20% stake in Chile unit to ADIA

Abu Dhabi Investment Authority acquired the stake for $554 million

Spain's Abertis agrees to sell 20% stake in Chile unit to ADIA
(Paco Serinelli/AFP/Getty Images)

Spain's Abertis said on Monday it had agreed to sell a 20 percent minority stake in its Chilean unit to the Abu Dhabi Investment Authority (ADIA) for 495 million euros ($554 million).

The sale values the unit, which runs 771 kilometres of highways through six concessions in the country, at a total of 3.7 billion euros including debt, Abertis said in a statement.

The Spanish company will continue to run the company and will hold the remaining 80 percent stake.

Abertis runs over 8,000 kilometres of motorways in Europe and America, as well as managing toll roads and telecommunication infrastructures.

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