Spanish construction group ACS has announced that it has sold its 51% stake in Chilean highway concessionaire Ruta del Canal, which it owned through subsidiary Concesiones Viarias Chile.

The investment fund Penta Las Américas Infraestructura Tres has acquired the project for €142 million (US$172 million).

The project involves the improvement, conservation and exploitation of Route 5, from Puerto Montt to the village of Pargua in the Lakes region. The total length of the dual carriageway to be operated is 55 km.

The sale, which still needs to be approved by Chilean authorities, equates to a €10 million capital gain for ACS.

The road was the only highway in Chile currently operated by ACS subsidiaries. However, as we reported, the Chilean Ministry of Public Works awarded ACS the "Los Libertadores" border checkpoint concession project in 2015.