Cintra to acquire additional stake in I-66 toll road PPP
Cintra, as the indirect owner of 50% of the share capital, has exercised its right of first refusal over 10% of the share capital owned by the partner John Laing in the concessionaire company, I-66 Express Mobility Partners Holdings LLC.
Cintra will acquire 5.704%, meaning that it will hold 55.704% of the concessionaire company. Shares are purchased for an amount of EUR159 million (US$186.66 million). I-66 Express Mobility Partners is the concessionaire for the PPP project which includes design, build, operate and maintain the I-66 road from I-495 to Gainesville. The construction works for the highway are underway and the concession period for the project is 50 years.
The closing of the transaction is subject to obtaining the administrative and financing entities' approvals.
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