Spain's ACS agrees to sell 24.4 pct of Saeta to GIP

Wed Jan 21, 2015 3:37am EST
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MADRID Jan 21 (Reuters) - Spanish builder ACS said on Wednesday it had agreed to sell 24.4 percent of its renewable energy business Saeta Yield to funds managed by Global Infrastructure Partners (GIP), with conditions contigent on a planned listing of the unit.

ACS said last week it would sell 51 percent of Saeta via a stock market flotation, helping it to cut debt tied to some of its power projects after a property market crash.

(Reporting By Paul Day; Editing by Elisabeth O'Leary)