The board of directors of Técnicas Reunidas has agreed to launch a capital increase of 150 million euros aimed at reducing its debt, strengthening its capital and intensifying the decarbonisation of its activity with new low-carbon technologies. As reported by the Spanish engineering company to the National Securities Market Commission (CNMV), both the Lladó family and Cobas AM, which control 43% of the capital, have expressed their irrevocable commitment to subscribe to this capital increase.
In addition, Azvalor AM, holder of 6.08% of the share capital, has also informed Técnicas Reunidas of its intention to maintain its real ownership percentage after the capital increase, although without having signed an irrevocable commitment. The operation will consist of the issuance of 24,405,265 new shares with preferential subscription rights for shareholders, equivalent to 43.7% of the real capital or 26.4% of its market capitalization.
The operation is advised and insured by Barclays, BBVA, HSBC, Santander and Société Générale as global coordinators; Uría Menéndez Abogados, SLP and Gibson, Dunn & Crutcher as legal advisors; Linklaters, SLP, as legal advisors to the global coordinators; AZ Capital and STJ Advisors as financial advisors, and Georgeson as information broker.
“I am the first to be convinced. We are facing a unique growth opportunity for Técnicas Reunidas, the company that my father founded 60 years ago and which now employs nearly 7,000 people who daily share the illusion of this project. As a representative of the shareholder, I will to be the first to support it: we promise to sign the capital increase and to spare no effort to develop this company with the same faith and the same drive that we have maintained since its foundation”, defended its executive president, Juan Lladó.
decarbonization
Approximately one third of the resources raised with this operation will be used to optimize the situation of the adjusted net cash and another third to continue reducing the level of indebtedness of the group: specifically, 33.5 million to amortize the ICO syndicated loan and 14 million to amortize the CESCE syndicated financing contract.
Regarding the other third, it will be used to finance operating expenses that will exceed the low-carbon technologies segment, in the current context of the energy transition, covering the expected annual cash needs of this segment for the years 2023, 2024 and .
The company wants to reinforce its focus on decarbonization, since a global investment volume of 181,000 million dollars (167,000 million euros) per year is expected until 2030 to make the energy industry more ‘green’. In addition, the company is going to extend its activity to other sectors, such as steel and cement, which also plan to invest globally 178,000 million dollars (164,000 million euros) annually in decarbonization initiatives
Currently, Técnicas Reunidas is working on offers for specific projects that add up to 70,000 million dollars (65,000 million euros) of investment. 75% of its awards in 2021 and 2022 were placed in a low risk profile and it has already saved around 140 million euros between 2019 and 2022 with its efficiency plan.
“We want to strengthen our financial situation to guarantee our position in the ‘pole position’ of this great revolution. This capital increase will help us as a leading international company in confirming the energy sector and decarbonization”, concluded the delegate, Eduardo San Miguel.
