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| Impregilo Finalises Sale Of Costanera Norte Costanera Norte is to be sold to Autostrade S.p.A. and Sias S.p.A. at a price – computed on 100% of the company – of 282 million USD. Of this amount, 277 million will be paid at closing and 5 million as a guaranteed minimum earn-out over four years. Additional earn-outs totalling a maximum of 28 million USD are possible. For the Impregilo Group, which holds a 77.9% share of Costanera Norte, the transaction will bring proceeds of approximately 220 million USD (i.e., 77.9% of 282 million USD). At the current exchange rate, the Impregilo Group will have a gross capital gain of approximately 130 million euro; In financial terms, the sale involves a net debt deconsolidation of approximately 235 million euro as well as a net cash inflow of around 165 million euro. The effect will be an improvement of around 400 million euro in the net financial position. Closing is expected to take place by the end of March 2006. write your comments about the article :: © 2005 Construction News :: home page |