Hermes to acquire 74% stake in six concessions from ACS group
ACS Group, through Iridium, and Hermes Infrastructure (Hermes) have entered into an agreement for the sale of 74% of Iridium’s equity holdings in six shadow toll concessions in Spain, with a total Enterprise Value as of December 2019 of more than EUR 950 million (US$ 1.04 billion) on a 100% basis.
Iridium will keep playing an active role in the management and operations and maintenance of the assets through specific O&M and Management Contracts and by maintaining a 26% equity stake along with a significant presence in the governing bodies of the assets and day-to-day management.
The portfolio includes two concessions in Catalonia (Eix Diagonal and ReusAlcover), one in Castilla la Mancha (Autovía de la Mancha), one in Castilla y Leon (Autovía de los Pinares), one in Navarra (Autovía del Pirineo) and one in Galicia (Santiago-Brion). The six concessions, with a total investment of EUR 1.1 billion (US$ 1.21 billion), are in operations and have a remaining life of 19.4 years.
BBVA acted as a financial advisor of the operation and Ashurst law firm as a legal adviser.
The agreement is subject to the customary consents and the required approvals.
Country updates
-
-
November 27, 2019
Europe, Eurasia and SEM Infrastructure Leadership Forum
InfraPPP is a supporting organization for CG/LA Infrastructure's upcoming Inaugural Europe, Eurasia and the Southern & Eastern Mediterranean Infrastructure Leadership Forum, occurring December 11-...
Read more -
November 20, 2019
Asterion Industrial Infra Fund I raises more than targeted amount
Asterion Industrial Partners announced that it has exceeded its fundraising target in less than one year since the launch of its first Fund, Asterion Industrial Infra Fund I, FCR. The Fund, with a tar...
Read more -
November 15, 2019
Mirova closes Eurofideme 4 Fund with EUR875m
Natixis Asset Management sustainable investment unit Mirova has reached the final close of EUR875 million (US$943.1 million) for the Mirova Eurofideme 4 fund. The Fund focuses on supp...
Read more -
November 05, 2019
Sacyr sells 47.5% of Guadalcesa to Aberdeen for EUR 220 million (US$ 244.17 million)
Sacyr, through its subsidiary Sacyr Concesiones, has reached an agreement to sell 47.5% of its stake in Guadalcesa to Aberdeen, the concessionaire that manages the Guadalmedina highway (AP-4...
Read more -
October 31, 2019
3i European Operational Projects Fund invests US$ 77.7 million in Spanish Motorway PPP
3i Group plc today announced that the 3i European Operational Projects Fund, has agreed to invest EUR 70 million (US$ 77.69 million) for the acquisition of an 80% stake in Sociedad Concesionarí...
Read more
