Ferrovial has sold Veltis to Scale Capital

Ferrovial is exiting its services business in Chile, accelerating divestment after previously classifying the area as non-strategic. The company has agreed to sell Veltis, which primarily supports mining companies, to Scale Capital, an investment fund managing over US$200 million in assets. The transaction, agreed upon weeks ago, has now been completed for a total of US$42 million.

With over 20 years of experience, Veltis is a leading service provider to the mining industry in Chile, supporting some of the world’s largest copper producers at Tier I mines. The company offers industrial maintenance, operational support and environmental services, operating under the Berliam, Steel and Walvis brands.

Scale Capital is an asset manager with over US$200 million in assets under management across the USA, Spain and Latin America. Founded by managers with extensive experience in the telecommunications, entertainment and technology sectors, the company has a proven track record in leading large private corporations in Ibero-America.

Ferrovial is one of the world’s leading infrastructure companies, operating in over 15 countries and employing more than 25,000 people worldwide. The company is triple-listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq, and is a member of Spain’s blue-chip IBEX 35 index. It is also included in globally recognized sustainability indices such as the Dow Jones Best in Class Index, and has adhered to the principles of the UN Global Compact since 2002. Ferrovial entered the mining services sector in 2013 through the acquisition of a 70% stake in Steel Ingeniería, which evolved into Veltis in 2023.

Oaklins’ team in Chile and Altamar acted as the financial advisors to Ferrovial on the sale of Veltis and its subsidiaries to a group of investors led by Scale Capital.