On September 18, 2023, the Spanish infrastructure multinational Sacyr announced the sale of its 45 per cent stake in the 56km M6 motorway concession in Co Galway to another Spanish investor, Bestinver Infra. “The value of this operation reaches €45 million, including the debt associated to the stake sold,” Sacyr disclosed, suggesting a total valuation of €100 million. This was just the start of a series of complex transactions, however – and gives only a partial view of the concession’s valuation. Additional information now available from company documents give a better understanding of the first change of ownership for an…

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