Morgan Stanley Infrastructure Inc. agreed to acquire Valoriza Servicios Medioambientales, SA from Sacyr, S.A. for ?600 million on June 11, 2023. As of June 13, 2023, Morgan Stanley Infrastructure will acquire Valoriza Servicios Medioambientales for an enterprise value of ?734 million. As on July 14, 2023, the purchase and sale agreement for Valoriza Medioambiente is submitted for examination by the Competition bodies of the European Commission. The transaction is expected to be closed in the last quarter of 2023. As of August 9, 2023, European Commission has approved the transaction.

Epifanio Pérez and María Sabau of Clifford Chance S.L.P. acted as legal advisor to Morgan Stanley Infrastructure. Fernando Bernad, Félix Plasencia,Roberto Guerrero, Juan Felipe Vera, Macarena Ravinet, Julio Brasa, Carlos Lasarte, Soraya Sáenz de Santamaría, Francisco J. Martínez Maroto, and Andrew Ward of Cuatrecasas, Gonçalves Pereira, S.L.P. acted as legal advisor to Sacyr. Nomura Greentech acted as financial advisor to Sacyr. Banco Santander, S.A., Research Division acted as financial advisor to Sacyr, S.A. (BME:SCYR). Deutsche Bank AG acted as financial advisor and George Kazakov, Philip Trillmich, and Marc Israel of White & Case (London) LLP, Javier Monzón, Álvaro Manzanos, Francisco Málaga, Jaime Rossi of White & Case LLP acted as legal advisor to Morgan Stanley Infrastructure Inc. Ernst & Young Services Corporatives, S.L acted as due diligence provider to Morgan Stanley Infrastructure Inc.