Globalvia has announced that it has acquired the respective stakes of Abanca and Kutxabank in Itínere​, a Spanish infrastructure group that manages 609 kilometers of toll roads in the northeast of Spain.

The transaction has its origin in the agreement reached on 27 July 2018 between Globalvia, Sacyr, Abanca and Kutxabank whereby Globalvia agreed to acquire the shares of the other three companies as an indivisible obligation, representing 55.6% of Itínere​’s capital, setting a compensation of EUR100 million (US$114.7 million) for any party that failed to fulfill the agreement.

With the period set for exercising preferential subscription rights pertaining to Itínere​’s current majority shareholder Corsair (or a third party designated by Corsair) having expired without these rights having been exercised under the same conditions as Globalvia, Globalvia convened a meeting to close the previously agreed transaction.

As Sacyr did not attend, Globalvia will proceed with legal action to require that Sacyr complies with the sale commitment that Kutxabank and Abanca have met, or meets the agreed compensation requirement.