...LONDON (S&P Global Ratings) March 15, 2018--S&P Global Ratings said today that its ratings on European infrastructure operators Atlantia SpA (###+/Negative/A-2), HOCHTIEF AG (Hochtief; ###/Negative/A-2), ACS, Actividades de Construccion y Servicios, S.A. (###/Negative/A-2), and Abertis Infraestructuras S.A. (###/Developing/--) are not immediately affected by the March 13 announcement by ACS and Atlantia that they reached an agreement on principles, subject to certain conditions, related to a joint final investment in Abertis. Based on the agreed principles, Hochtief is set to remove the share consideration in its offer to acquire Abertis such that the acquisition would be fully paid in cash. At the same time, Atlantia has agreed to withdraw its offer. ACS, Hochtief, and Atlantia would then capitalize a newly created special purpose vehicle (SPV) for about 7 billion, which would acquire the three entities' full stake in Abertis from Hochtief. Atlantia would own 50% plus one share of the...
