Graña y Montero., the engineering and construction Peruvian company recently listed in the New York Stock Exchange, announced it has entered into an agreement with Besco S.A. in order to purchase from it, 16.9% of the shares of Norvial S.A. at a price of US$19.2 million as agreed on the Memorandum of Understanding dated September 04, 2013.

Norvial is the concessionaire of the 183 km Ancón-Huacho-Pativilca road, where the Company currently owns 50.1%.

Norvial was founded on October 18, 2002 to develop a concession project that was signed on January 15, 2003. The other shareholder in the concession is JJC Contratistas Generales S.A. with a 33.0% stake.

The concession, part of the first road concession program in Peru, was granted for 25 years.

The obtaining of consents from the International Finance Corporation (IFC) and the Inter-American Development Bank (IADB) are still pending for the closing of the acquisition, pursuant to the Credit Agreement subscribed between Norvial and these entities. Therefore, the purchase of the shares is subject to a resolutory condition.

The subscription of the final documentation regarding the closing of the transaction, will be communicated once the consents are obtained.

In July 2013, Graña y Montero, raised $413 million through its initial public offering on the New York Stock Exchange in a deal that resulted 18 % larger that anticipated.