On Thursday, Italy’s Atlantia stated that it had sold its 14.46 per cent stake in Hochtief to Spanish ACS for 577.8 million euros (USD 576.9 million), at 51.43 euros per share. The Italian infrastructure group took this decision as it pushes ahead with divesting non-core assets.

The said contract with ACS also envisages a provision which says that ACS should sell the shares acquired from Atlantia at a higher price to a third party in the twelve months after the closing of the deal.

Founded in 1950, Atlantia is active in the infrastructure sector, including motorways, airport infrastructure and transport services. It is listed on the Borsa Italiana and is also a constituent of the FTSE MIB index. Abertis Infraestructuras SA, Aeroporti di Roma are some of its subsidiaries.

Founded in 1873, Hochtief is a German construction company. Headquartered in Essen, it is Germany’s largest construction company and operates globally. In Frankfurt, shares in German building company Hochtief spiked after the deal was announced.