PINFRA agrees to acquire 100% of Mexican highway concession
PINFRA (Promotora y Operadora de Infraestructura) has announced that its subsidiary Fibra Vía has acquired 100% of the Michoacán highway package concession for MXN10 billion (US$500.7 million).
The package includes the Morelia-Pátzcuaro-Uruapan-Lázaro Cárdenas highway and two bypasses located in Morelia, the Michoacán state capital, and Uruapan. These assets collectively span 362km.
It has been acquired from a consortium of BlackRock investment fund; Cointer de México, subsidiary of the Spanish infrastructure conglomerate Grupo Azvi; as well as the Society of Michoacán Builders, which each owned 25% stakes. The remaining 25% stake was already owned by PINFRA.
The consortium was awarded the concession to construct/modernize and operate the highways in 2012, expiring in 2042.
The acquisition is pending certain third party approvals, such as from related government and regulatory bodies. Fibra Vía has financed the agreed consideration through a capital increase.
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