ACS sells stake in Canadian road P3 to pension fund
The ACS Group has sold a 37.5 per cent stake in Montreal's A-30 highway P3 project in Canada to Teachers Insurance and Annuity Association (TIAA).
To be more specific, the ACS Group has proceeded to sell 75% of its 50% stake in the concession company Nouvelle Autoroute 30, based in Quebec (Canada), with a total company value of €811 million (US$862.9 million), and it has signed a service agreement with the purchaser under which the ACS Group will continue to manage 50% of the concessionaire. The net capital gain (in Spain after tax) is €16.5 million (US$17.5 million).
Also, the ACS Group has executed a joint investment agreement with TIAA for a value of US$665 million for the investment, financing and operation of infrastructure projects in North America, the first asset of which is the aforementioned stake in the Canadian concession company Nouvelle Autoroute 30.
Montreal's A-30 highway P3 project involved the design, build, finance, operate and maintain the 42 km west section of the south Montréal bypass. This section included the construction of two bridges and a tunnel. The contract also involved the operation, maintenance and upgrading of the 32 km east section. The concession period is 2008 2042.
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