Royal BAM Group and Dutch pension fund service provider PGGM have reached a conditional agreement on the key terms for the extension of the current partnership between PGGM Infrastructure Fund and BAM PPP. PGGM Infrastructure Fund intends to acquire a 50% interest in BAM PPP.

PGGM Infrastructure Fund intends to pay a consideration of circa EUR 130 million (US$ 155 million) for the acquisition of 50% of the shares in BAM PPP, consisting of initial consideration of circa EUR 100 million (US$ 119.6 million) payable at completion of the agreed transaction and a contingent consideration upon BAM PPP achieving specific financial targets in the future.

The transaction is subject to a final agreement on documentation and certain closing conditions (including obtaining relevant merger clearance and completion of the works council consultation process) and is expected to close in December 2020. From January 2021, as a result of the completion of the transaction, BAM PPP will operate as a company owned equally by Royal BAM Group and PGGM Infrastructure Fund.