ACS closes sale of five PPP projects to DIF
DIF Infrastructure III (DIF) and ACS, through its affiliate Iridium, have closed the transfer of 80% of Iridium's shareholdings in 5 operational PPP projects in Spain.
The transaction has been closed at €179,88 million (US$204.1 million), which represents net capital gains of €76 million (US$86.2 million) for ACS.
The agreement covers the following PPP assets:
- Linia Nou Tram Quatre Metro Stations Project. (Barcelona);
- Hospital de Majadahonda (Madrid);
- Avenida America Transportation Hub (Madrid);
- Principe Pio Transportation Hub (Madrid);
- Plaza Castilla Transportation Hub (Madrid).
Iridium will keep playing an active role in the management and operations of the assets by maintaining a 20% stake along a significant presence in the governing bodies of the assets and supporting those assets in the same way that Iridium has done thus far.
The Barcelona project was fully commissioned in 2011 while the other projects have been operational since 2008. The projects' revenues are based on availability payments with up to 27 years of the concessions remaining. All projects have been financed with long term debt.
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