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Ferrovial sells its business on the Azores Islands highway for more than 42 million

Date: March 2, 2024 Time: 00:31:56

Ferrovial, in agreement with the Horizon and RiverRock infrastructure management funds, the sale for 42.6 million of 89.2% of the Azores highway, located on the Portuguese islands. This transaction will allow the Spanish company to generate capital gains of 47 million euros.

For its part, the transfer will allow Ferrovial to deconsolidate all of the project’s gross debt with third parties, which amounts to 284 million euros. Through its Toll Road subsidiary, it will continue to provide technical services to the concessionaire for a period of two years, extendable by mutual agreement.

The company has also communicated that the closing of the transaction is subject to the approval of the Portuguese authorities and financial institutions. With more than 93 kilometers in length, the Euroscut Azores highway represents one of the largest infrastructures in the history of the Azores Islands. The highway, whose concession period runs until 2036, was built in 2011 and is designed on three axes.

Cintra already in nine countries

The southern axis connects the airport with the south of the island, while the northern axis improves the connection between the two most important towns on the island. The last of them, the northeast, favors communication between the most distant populations in São Miguel, in the Northeast Department.

Cintra, the toll road division of Ferrovial, is one of the main developers and operators of transport infrastructure concessions, with a total of 1,262 kilometers managed in 22 concessions in nine countries.

It operates, among others, highways 407 ETR (Toronto), NTE and LBJ (Texas), I-77 (North Carolina) and I-66 (Virginia). In addition, it owns 25% of IRB Infrastructure Developers, developer and operator of motorways in the Indian market, with 24 projects and more than 2,500 kilometers of managed roads.

A portfolio of more than 200 million

As for the buyers, founded in 2017, Horizon Equity Partners is a Portuguese fund specialized in infrastructures and has committed to invest more than 150 million euros in various assets of energy transition, social services and transport. Currently, it controls the concession for the Hospital do Santo Espírito da Ilha Terceira in the Azores Islands in a consortium.

For its part, RiverRock is a fund created in 2018 that manages a portfolio of around 200 million euros and specializes in investing and managing stakes in almost 30 operational infrastructure projects, mainly in the social services and transportation sectors, located in ados in five European countries. RiverRock has already invested in Portugal and owns a minority stake in the Pinhal Interior shadow toll road.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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