Atlantia sells Hochtief stake to ACS for 578 mln euros

Italy’s Atlantia (ATL.MI) said on Thursday it had sold its 14.46% stake in Hochtief (HOTG.DE) to Spanish ACS (ACS.MC) for 577.8 million euros ($576.9 million), 51.43 euros per share, as the Italian infrastructure group pushes ahead with divesting non-core assets.

The agreement with ACS also envisages a provision should ACS sell the shares acquired from Atlantia at a higher price to a third party in the 12 months after the closing of the deal.

In Frankfurt, shares in German building company Hochtief spiked after the deal was announced to match the price agreed. ($1 = 1.0016 euros)