Abertis wins Pennsylvania concession with EUR 8.3-billion bid

20th May 2008, Comments 0 comments

The deal is one of the biggest of its kind in the United States.

20 May 2008

MADRID - In one of the biggest deals of its kind in the United States, a consortium led by Spanish toll-road manager Abertis on Monday was awarded a tender to lease and operate the Pennsylvania Turnpike after submitting a bid worth EUR 8.3 billion (USD 12.801 billion).

Abertis holds a 50-percent stake in the consortium, whose other members are Citigroup unit Citi Infrastructures, with a 41.67-percent interest, and Criteria CaixaCorp, the investment holding company of Spanish savings bank la Caixa, which holds the remaining 8.33 percent.

Abertis said the deal, which was announced on Monday by Pennsylvania governor Edward Rendell, is subject to approval by the Pennsylvania General assembly. The lease is for 75 years.

Abertis said when the transaction is completed it will raise the average life of its motorway concessions from 18 to 28 years.

[El Pais / A. Sim / Expatica]

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