ACS to sell to sell its Clece services unit

ACS is hoping to make up to $800m from the sale (ACS)
Spanish contractor ACS, Europe’s third largest construction group after Bouygues and Vinci, has hired French banking group Société Générale and Bank of America to sell its services unit, Clece, newspaper Expansión reports.

The unit employs 80,000 workers and provides facilities management, maintenance, social care and logistics services, mainly for the Spanish market.

ACS, which announced its intention to sell last month, is hoping to achieve a price of between €700m and €800m.

The move follows moves by rivals Sacyr, OHLA and Ferrovial to dispose of services businesses in the past months.

Finance website Corner notes that these companies achieved high prices for their assets.

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