Troubled Spanish engineering and renewables group Abengoa SA (BME:ABG) today said it hopes to get some EUR 35 million (USD 39.7 m) in net proceeds from the sale of stake in non-strategic asset Yoigo.
Abengoa has signed an agreement to sell its 3% stake in Yoigo, the fourth mobile phone operator in Spain to telecommunications company MasMovil.
The transaction is set to go through in the third quarter of this year.
Upon closing the deal, Abengoa will receive EUR 21 million while the remaining EUR 14 million would be linked to Yoigo’s profits over the coming years.
This sale forms part of the Spanish company's divestment programme to offload non-strategic assets. Recently, Abengoa has also announced the sale of the Campo Palomas wind farm in Uruguay and its stake in the Shams-1 solar power plant in the United Arab Emirates, among other assets.