Updated Tuesday, December 2, 2008 11:06 am TWN, AFP

Citigroup to buy Sacyr’s Itinere highway operator

MADRID -- Heavily indebted Spanish construction group Sacyr Vallehermoso said on Monday it was selling its toll road operator Itinere to a Citigroup infrastructure fund in a deal worth 7.88 billion euros. Citi Infrastructure Partners will buy Itinere for 2.87 billion euros (US$3.63 billion) and assume 5.01 billion euros in debt. Sacyr said the deal would allow it to “considerably reduce its debt” to 12.48 billion euros.

Huge debts have pushed Sacyr to put its 20.01-percent stake in Spanish-Argentine oil major Repsol YPF up for sale.

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