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| Ferrovial sells 65% of Ausol to Meridiam, generating a capital gain of 473 million euro  Ferrovial, through Cintra, has completed the sale of 65% of Ausol I and Ausol II toll roads, in Malaga, to French infrastructure fund Meridiam. The deal, announced on 14 June, finally amounted to 451 million euro due to the accrued interest under the agreement. It provides Ferrovial with a capital gain of 473 million euro and enables it to deconsolidate the project's gross debt to third parties, amounting to 611 million euro 531 million euro of net debt).Following this transaction, Ferrovial owns 15% of both concessions, on which it retains a put option and has granted Meridiam a call option. Closure of the transaction was subject to obtaining the necessary official approvals. The sale of this stake in Ausol is part of Ferrovial's asset rotation strategy. To date, Cintra owned 80% of the toll roads, which were awarded in 1996 and 1999, respectively. Ausol I opened to traffic in 1999 and its concession expires in 2046; the Ausol II concession, which became operational in 2002, expires in 2054. Together they make up a 105-kilometer road linking Malaga and Guadiaro, in southern Spain. 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. It is also shareholder of the concessionaire for 407 ETR, in Ontario, Canada, with a 43.23% stake. write your comments about the article :: © 2019 Construction News :: home page |