Duro Felguera has reached an agreement for the sale of its 3.97% stake in the Australian engineering multinational company Ausenco Limited. The disposal will mean a cash infusion of between 17.5 and 21.5 million euros before 31 December; This is almost four times the amount Duro received from the recent sale of 60% of its subsidiary. Epic. Ausenco’s final price of 3.97 percent will be determined by the development of the Australian company’s working capital, the exchange rate and certain contingencies included in the contract.
Duro Felguera’s departure from Ausenco’s capital took place as part of an operation in which the majority of the company’s shareholders will divest their shares. Both main owner (US fund) Resource Capital Fund) like the majority of other investors – in the case of Duro Felguera – agreed to sell his shares to US investment funds Brightstar Capital Partners and Claure Group.
This operation will provide additional resources to Asturian engineering, which is in the process of recovering its results, commitment and order portfolio after the changes experienced since 2017, which aggravated during the covid period and led to a temporary rescue by public administrations. Second financial restructuring in 2021 and a new refinancing by creditor banks. Duro is currently awaiting the completion of authorizations to carry out two capital increases that will give majority control of the Gijón-based group to Mexican investors. Prodi and Mota Engil Mexico. There is also an employment regulation file (ERE) in force. With the application of this file, which was agreed upon with the union representation, 7 workers were dismissed in the first period.
The sale of shares in Ausenco differs from Duro’s sale a week ago of its subsidiary Epicom, which specializes in communications encryption. This operation sees Engineering divest some of the 60% stake it currently owns in the Madrid technology company. 5.32 million, Allowing foreign and non-EU capital (Prodi and Mota Engil Mexico) to enter Duro was a condition introduced by the Council of Ministers on July 4. This requirement is due to the fact that Epicom is a very important company in the Defense sector as it is a relevant agent in the protection of Government communications. Ausenco’s situation is different because there is a joint and simultaneous sale by the reference shareholders.
Duro Felguera entered the capital of Ausenco at the end of 2014 by purchasing almost 5% of its capital. In July 2015, both groups signed a cooperation agreement in Madrid to jointly undertake major projects. “I have the key”. Although Duro considered and announced the possibility of increasing its weight in the Australian company, the Asturian company’s participation was reduced to the current 3.97% due to the Gijón engineering company not participating in several capital increases carried out in the Brisbane-based company.
Founded in 1991, Ausenco has 26 offices in 14 countries and projects in various countries. More than 80 global locationsand is traded on the stock exchange. It specializes in the mining and metals, oil and gas and industrial infrastructure sectors and has a subsidiary in Spain.
Source: Informacion
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