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July

Abengoa makes further progress with its divestiture with the agreement to sell the activity of its subsidiary Abentel to Ericsson.

July 6, 2016

  • Closing of the deal is expected during Q3 2016

July 6, 2016 – Abengoa (MCE: ABG.B), a global company that applies innovative technology solutions for sustainability in the energy and environment sectors, and Ericsson (NASDAQ:ERIC) have signed an Activities Transfer Agreement (ATA) under which Abentel’s assets, projects and employees will be transferred to Ericsson. This agreement is included in the company’s announced divestment plan and will contribute to reaching the objectives outlined in Abengoa’s viability plan.

Under the agreement, due to close in the third quarter of 2016, it is planned that approximately 500 professionals specialized in fiber network rollout and Abengoa’s services will join Ericsson and therefore bring a relevant set of skills that will contribute to fiber-related services. Similarly, this operation will allow Abengoa to progressively reduce its debt with creditors and suppliers as well as the guarantees associated with Abentel’s projects.

The subsidiary of Abengoa has been providing design, construction and maintenance of telecommunication networks, since 1968, working with telecommunication service operators and suppliers, both in Spain and abroad. Currently, Abentel provides comprehensive solutions for cable networks (copper and fiber optic) spanning from the operator to the installation with the end-user, including all the associated services that are necessary to ensure that the end-to-end installation and network maintenance is offered.

This transaction is part of Abengoa’s divestiture plan and represents a further step in the company’s viability process. Over the past months, Abengoa has also announced the sale of its participation in the Shams-1 thermo-solar plant, located in the United Arab Emirates, in addition to the Campos Palomas wind farm in Uruguay, among other projects.

Abengoa makes further progress with its divestiture with the agreement to sell the activity of its subsidiary Abentel to Ericsson.


For all the news about our financial restructuring process, visit our new section at: www.abengoa.es


About Abengoa

Abengoa (MCE: ABG.B) applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com)

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