Abertis to buy ACS's stakes in two Chilean toll roads
Assets being acquired valued at around EUR 700 million.
7 January 2008
MADRID - Spanish motorway operator Abertis said Friday it had reached a preliminary agreement to buy stakes ACS holds in two Chilean toll road concessions for about EUR 700 million.
In a statement to the National Securities Commission, Abertis said a consortium of which it forms part would be acquiring the leading Spanish builder's 48-percent stake in the Autopista Central concession and its 50-percent interest in Rutas del Pacífico.
Autopista Central is an urban toll road in Santiago de Chile, while the Ruras del Pacífico highway connects the Chilean capital with Valparaíso and Viña del Mar.
Abertis said the deal is due to be completed this quarter. The acquisition is pending the approval of the board of directors of its infrastructure division Abertis Infraestructuras.
ACS is a leading shareholder in Abertis, with a 20-percent stake.
The Autopista Central motorway is 60 km long and has two stretches, with total average daily traffic of some 105,000 vehicles. The toll road was brought into service in two stages between December 2004 and May 2006 and the concession expires in 2031. ACS and Swedish builder Skanska are currently the concession's main shareholders with each holding a 48-percent interest.
The Rutas del Pacífico concession is a 131-kilometer-long toll road and also has two different stretches, with combined average daily traffic of 30,000 vehicles. The toll road was opened in 2001 and the concession runs for a maximum of 25 years. ACS and fellow Spanish builder Sacyr are joint shareholders with 50 percent each.
Abertis currently has other toll road, airports, car parks and logistics park businesses in Chile.
It holds a 25-percent stake in Sociedad Concesionaria del Elqui concession which manages the 229-kilometer-long Los Vilos-La Serena toll road on Route 5 in the north of the country.
Abertis owns a 51-percent stake in Gesa, which manages, maintains and operates roads and service areas. Abertis also has an indirect interest in the concession to operate the Santiago de Chile airport. It also operates 13 car parks in Santiago, Concepción and Valparaíso through its Saba Estacionamientos de Chile unit.
[Copyright El Pais / Adrián Soto 2008]
Subject: Spanish news