Graña y Montero S.A.A., the recently listed engineering and construction Peruvian company in the New York Stock Exchange, announced it has subscribed a Memorandum of Understanding with Besco S.A., for the purchase of 16.9% of its shares in Norvial S.A. at an agreed price of US$ 19,200,000.00.

Norvial is the concessionaire of the 183 km Ancón-Huacho Pativilca section of the North Panamerican Highway, where the Company currently owns 50.1%.

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.

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.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.