Iridium Concesiones de Infraestructuras, S.A. (Iridium), an Actividades de Construcción y Servicios, S.A. (ACS Group) company, and Hermes Infrastructure (Hermes) announced the completion of the sale of 74% of Iridium’s equity holdings in six shadow toll concessions in Spain to Hermes Infrastructure.

Iridium will maintain a key role in the management, operations, and maintenance of the assets through long-term contractual arrangements and through governance rights associated with its remaining equity interest of 26%. The six shadow toll roads have a total Enterprise Value as of December 2019 of approximately EUR 950 million (US$ 1033.33 million) on a 100% basis.

The six concessions are as follows:

• Eix Diagonal (in Catalonia)
• Reus-Alcover (in Catalonia)
• Autovía del Pirineo (in Navarra)
• Autovía de los Pinares (in Castilla y Leon)
• Autovía de la Mancha (in Castilla-La Mancha)
• Santiago-Brión (in Galicia)

The agreement for the sale of the concession portfolio took place in November 2019. Completion of the sale and purchase of Eix Diagonal, Reus Alcover, and Autovia del Pirineo took place on January 29, 2020, following the receipt of all necessary consents and approvals at the end of 2019.

For the remaining concessions, Autovia de Los Pinares, Autovia de la Mancha, and Santiago-Brión, following the recent receipt of all consents and required approvals, completion took place on April 28, 2020.