Juan Roig’s son-in-law gives OHLA another seven days for the Amodios family to evaluate their entry into the construction company.

“Atitlan Grupo Empresarial, SL (“AT”) has decided to extend the validity of its non-binding offer for a period of 7 days until July 12, 2024. The company continues to analyze and evaluate all interest received, without accepting any offer at this time,” OHLA details.

The reason for the capital increase, which Amodios announced a few weeks ago, is related to OHLA’s need to strengthen the company’s capital structure. The construction company will face bonus payment of 400 million

divided into two payments to be paid in March 2025 and 2026 in equal parts.

(Roberto Centeno (Atitlan) and Mexican Andres Holzer take up positions in the OHLA expansion)

The Atitlan Fund proposal will be developed in two stages: the first, in which there will be no right of first refusal, for 75 million, and the second, in which there will be, also for the same amount. This formula means that the participation of the current property will be diluted.

Along with Atitlan’s proposal, it is worth remembering that the Mexican firm Coapa Larca Real EstateMexican businessman Andres Holzer has also come forward with another offer to raise another 25 million euros. Together with the 26 million that Amodio has agreed to contribute, 50% of the expansion will be completed.

Levers

While OHLA’s project pipeline is at an all-time high, the market is expecting a $400 million bond payment. The builder has repeatedly stressed that even without the expansion, it is able to accept paymentMoreover, the arrival of new shareholders in its capital is not the only lever that can help the company cope with both maturities.

The construction company has an ambitious plan to sell non-strategic assets, which could significantly strengthen the company’s capital structure. Selling your stake in a Montreal hospital for 55 million

– the amount that will go entirely to paying off the debt – is added to the most famous sale of the company: the sale of its complex in Canalejasin the heart of Madrid.

Amodio has approached Santander and Rothschild to find a buyer for 100% of the asset, meaning both OHLA and its partner in Canalejas will be gone. The Future sales could reach 800 millionalthough the construction company is approaching the matter cautiously. The company is also considering selling Ingesan, its services subsidiary.

Founded over 100 years ago, OHLA is one of Spain’s largest construction groups. The company has had some tough times in the past. In fact, when the historic businessman Juan Miguel Villar Peace He bought Obrascón, the first of the companies that formed the group, for just one peseta, taking on the million-dollar debt the company had.

The construction company survived the 2008 crisis. However, as a result of a series of corruption scandals in Spain and Mexico, OHL – even without Amodios – began to lose value. The construction company was mentioned directly or indirectly in the newspapers of Bárcenas, Gürtel or Son Espases, among others. In May 2020, the current owner bought 16% of the company from the Villar Mir group.