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FCC and Caja Madrid acquire Acciona's stakes in five infrastructure concessions

02/09/2008

FCC and Caja Madrid acquire Acciona's stakes in five infrastructure concessions

FCC Construcción and Corporación Financiera Caja Madrid today signed an agreement to buy Acciona's stakes in Concesiones de Madrid (M-45), Ruta de los Pantanos, Transportes Ferroviarios de Madrid (Arganda train), Parla Light Railway and Envalira Tunnel.
 
The total price of the transaction is 101.3 million euro. The acquisition is pending the necessary administrative authorisations.
 
The transaction is part of the framework agreement between FCC and Caja Madrid to develop infrastructure through their joint venture, Global Vía Infraestructuras.
 
The acquired infrastructure and Acciona's stakes are as follows: Concesiones de Madrid (33.3%), Ruta de los Pantanos (25%), Transportes Ferroviarios de Madrid (12.8%), Tranvia de Parla (40%) and Túnel de Envalira (40%).

Once FCC Construcción and Caja Madrid have transferred their stakes to Global Vía, the latter will own 100% of Concesiones de Madrid, 75% of Ruta de los Pantanos, 49.4% of Transportes Ferroviarios de Madrid, 85% of Tranvía de Parla and 80% of Túnel de Envalira.
 
With this deal, Global Vía fulfils one of the goals in its strategic plan (portfolio reorganisation) in order to obtain a majority stake in the concessions which it owns; this is achieved in four of the five concessions in this transaction. This move enables Global Vía to consolidate its portfolio of mature projects and strengthen its position in the market by increasing in size, which implies greater visibility.
 
The deal also establishes Global Vía as a worldwide operator of shadow toll roads (Concesiones de Madrid and Ruta de los Pantanos) and passenger rail (Parla Light Railway), while complementing its toll road business (Envalira Tunnel), in which it was recently awarded two newly-privatised toll roads in Chile.