Fitch: No Impact on Ferrovial's Ratings From Renewed Interest in Broadspectrum
OREANDA-NEWS. Fitch Ratings says that Ferrovial, S.A.'s (BBB/Stable) potential acquisition of Broadspectrum Limited (Broadspectrum; formerly Transfield Services) is unlikely to have an impact on Ferrovial's ratings.
Broadspectrum is an Australia-based company providing facilities management, consulting, business and other support services across multiple sectors. Ferrovial's renowned interest in the services operator is in line with its strategy to increase the weight of its services business, which already accounted for around 40% of consolidated FYE2014 EBITDA. In 2013, the Spanish company completed the acquisition of Enterprise in the UK, the latter being successfully integrated within Ferrovial's services subsidiary, Amey, the following year.
The takeover bid, which is subject to Foreign Investment Review Board clearance and a 50.01% minimum acceptance, values the equity of the company at around AUD715m (close to EUR500m). Although it represents a premium of more than 30% compared with the average price of Broadspectrum shares in the last three months, the price offered (AUD1.35 per share) is around 30% lower than that offered one year ago to the former Transfield shareholders. On that occasion, Transfield's Board of Directors recommended rejecting the offer as it was deemed too low and not reflective of the underlying value of the company.
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