3i has sold its 51 per cent stake in Spanish vehicle transportation company Sintax Logistica for an undisclosed amount. Spanish construction company Dragados has acquired 70 per cent of the company and plans to acquire the remaining 30 per cent within a three-year time frame.
3i invested €2.34 million in the company in April 1997 and has not released divestment figures as the deal is awaiting approval from the Spanish competition court and is still not public.
Following the acquisition Dragados hopes to boost its harbour and logistics operations subsidiary. Sintax Logistica has four logistics centres in Madrid, Barcelona, Santander, northern Spain and Girona, north eastern Spain. In 2001 the company recorded turnover of €96 million. Sintax’s clients include Nissan and Daewoo.