ACS Group to acquire 45% stake in SH-288 highway concession
ACS Group, through its subsidiary IRIDIUM, has reached an agreement to acquire a 44.65% stake in the SH-288 highway concession in Houston, USA for EUR900 million (US$892.8 million).
With this increase, acquired from the infrastructure funds InfraRed Capital Partners, Northleaf Capital Partners and Star America, the Spanish company now holds 66.27% of the capital invested in the project and takes control of the concession.
The Texas Department of Transportation (TxDOT) and project financiers, including the US Department of Transportation, must approve the purchase of shares by ACS Group.
In 2015, the IRIDIUM group received a 52-year concession contract to build, finance and operate the SH-288 highway in Texas.
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