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| Ferrovial sells 10% of 407 ETR to CPP Investment Board Cintra Infraestructuras, S.A., a Ferrovial subsidiary, has reached an agreement to sell 10% of 407 Express Toll Route (ETR) in Toronto (Canada) to Canada Pension Plan Investment Board (CPPIB) for 894,3 million Canadian dollars (640 million euro). To date, Cintra owned 53.23% of 407 ETR; the other partners are Intoll Group (30%) and SNC-Lavalin Inc (16.77%). The operation will be carried out via the transfer of a Canadian subsidiary company which holds 10% of the concessionary company. The transaction will generate consolidated net capital gains of 2,470 million euro for Ferrovial, which correspond to the sale of 10% as well as the revaluation of the 43.23% that Ferrovial still holds in the company. The deal is expected to be completed within approximately two months. 407 Express Toll Route is a bypass around the city of Toronto, Canada; it is 108 kilometers long and has 198 on- and off-ramps. It runs parallel to Toronto's first beltway, the 401, one of the most congested roads in North America. The first sections of the road were opened to traffic in 1997 but it was not until 1999 that the consortium headed by Ferrovial obtained a 99-year concession for the asset. write your comments about the article :: © 2010 Construction News :: home page |