Morgan Stanley Infrastructure Partners (MSIP) is acquiring the waste management business of Spanish property and infrastructure group Sacyr in a €734m deal.

Sacyr said it has accepted a formal offer from an MSIP-managed fund for Valoriza Servicios Medioambientales (VSM), a provider of municipal and environmental and waste management services.

The listed company said the disposal is part of its strategy to reduce its net recourse debt and focus on public-private partnership infrastructure projects as its core business.

The deal gives VSM a €734m enterprise value (including debt and equity) and a €425m equity value, excluding the stake held by external minority shareholders. Sacyr said it expects to generate pretax capital gains of around €270m following the divestment.

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