Ferrovial sells 11.7% of Ruta del Cacao in Colombia
Ferrovial, through Cintra, has agreed to sell an 11.75% stake in Ruta del Cacao, the concessionaire for the Bucaramanga-Barrancabermeja-Yondó project in Colombia, to UK infrastructure company John Laing for €28.59 million (COP 102.698 billion). The deal provides Ferrovial with a capital gain of €10.69 million. Following this transaction, Ferrovial will own 30% of the concessionaire.
John Laing is reaching a 30.00% stake in total, since it is also acquiring part of the stakes held by Colpatria and Ashmore.
The consortium headed by Cintra was awarded this project in 2015. The contract envisages building 236 kilometers of toll road, including 82 km of new construction, between Bucaramanga, Barrancabermeja and Yondó, in eastern Colombia. The concession is for 25 years from contract signature, with the possibility of a 4-year extension. The project achieved financial closure in November 2018 with a credit syndicate comprising six financial institutions: BBVA Colombia, S.A., Bancolombia, S.A, Financiera de Desarrollo Nacional (FDN), the Inter-American Development Bank (IDB Invest), and debt funds BlackRock and Unión para la Infraestructura (UPLI).
Ferrovial, through subsidiary Cintra, is one of the world's leading private sector developers of transport infrastructure, in terms of the number of projects and the volume of investment. It currently manages over 1,468 kilometers of toll roads in 24 concessions in Canada, the US, Europe, Australia and Colombia.
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