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| Cintra sells 60% of Cintra Chile to Colombian company Cintra Infraestructuras, a subsidiary of Spain-based engineering and infrastructure management company Ferrovial, has completed the sale of 60% of Cintra Chile to Colombian company ISA, a leader in developing and operating infrastructure in the area of electricity, telecommunications and transportation in Central and South America. The sale culminates the process that commenced with the signature of an outline agreement by the two companies on 28 December 2009. The price of the deal is approximately 229 million euro, since the price is 6.8 million Unidades de Fomento, the inflation-indexed unit of account used in Chile. The parties have also granted each other respective call and put options on the other 40%. The total price of the transaction, including the future call/put option, is 381.5 million euro, and it will generate approximately 270 million euro in consolidated net income after taxes. Cintra Chile's gross consolidated debt amounted to 1.474 billion euro at the end of June 2010. In 2009, the Chilean toll roads obtained 197.4 million euro in revenues and 135.6 million euro in EBITDA. The Chilean toll roads experienced a strong rebound in revenues and traffic in the second quarter of 2010 following the earthquake on 27 February. This divestment has been completed months after the tragic earthquake which struck Chile on 27 February 2010, after which damage to the infrastructure was assessed and repaired. write your comments about the article :: © 2010 Construction News :: home page |