Meridiam acquires stake in Portuguese road project
Eiffage has signed with Meridiam Infrastructure a disposal agreement regarding its 36% interest (shares and shareholders’ loans) in Norscut, the concession company of the A24 motorway in Portugal.
Norscut is also owned by Contacto - Concessoes (36%), BPCE (18%) and Egis (10%). The closing of this transaction is subject to usual legal, regulatory and financial approvals.
The A24 motorway links the Portuguese cities of Viseuand Chaves. The 155 km link, which opens up the north of Portugal and provides ready access to Spain from the center of the country, is operated by Norscut, a 50% subsidiary of Eiffage. Because of rugged terrain along the route, 6 years of construction and no fewer than 37 engineering structures were required, the longest being the VilaPouca de Aguiar viaduct with 1,350 meters.
The project was signed on December 1, 2000 and the concession has a duration of 30 years from 31 December 2000. The road was inaugurated in June 2007 and the total project investment was €726 million (US$827.1 million).
This agreement is in line with Eiffage strategy of active management of its PPP portfolio. The execution of this strategy has lead Eiffage to realise more than 1 billion euros of disposal since 2011.
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