LarrainVial and Sacyr ink agreement to create Chilean highway operator
Spanish newspaper Expansión reported few days ago that Sacyr has agreed to set up a motorway operator in Chile together with LarrainVial.
Sacyr will transfer its stakes in five Chilean motorways to the joint venture, while LarrainVial will inject US$100 million. Sacyr will control a 51% stake in the new company, which will have a capital of €200 million.
Larrain Vial, a Chilean company specialized in financial services, will invest the money through an investment vehicle called Activa 1.
Through the deal, Sacyr will free itself from US$450 million current liabilities corresponding to future investments.
Sacyr Concesiones currently manages 676 Km of motorways in five different concessions: the highway linking La Serena with Vallenar, the highway between Vallenar and Caldera, Ovalle - La Serena highway, Concepción Cabrera highway and Iquique Accesses concession.
The five road concessions have an estimated investment value of US$1.4 billion and future revenues of US$3 billion.
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