Abertis will increase its stakes in the Rutas del Pacifico and Autopista Central toll roads in Chile, expanding its presence in infrastructure projects in the Latin American country.
The Barcelona-based developer said it will pay €291 million for the 42.3 percent stake in Invesora de Infraestructuras (Invin) from Infraestructuras Americanas.
The deal, expected to be completed in the second half of this year, will give Abertis 100 percent control of Invin having previously owned a 57.7 percent stake, it said in a statement.
Through Invin, Abertis will have 100 percent control of Rutas del Pacifico and a 50 percent stake in Autopista Central, both of which have concessions in Chile ending in 2024 and 2031 respectively. These Chilean concessionaires are forecast to generate EBITDA of €185 million in 2014.
The 141-kilometre Rutas del Pacífico – Route 68 – toll road links Santiago de Chile with Valparaíso and Viña del Mar in the country's central region.
Autopista Central, which is 60 kilometres in length, is part of the North-South axis of Santiago de Chile. It is the most heavily used urban toll road in the city.
Both posted 5 percent growth in Average Daily Traffic (ADT) in the first quarter of 2014.
Chile is a priority market for Abertis – it is the largest toll road operator in terms of EBITDA generated in the country, and has stakes in six high-capacity roads totalling 700 kilometers there.
At the end of the first quarter, Abertis’ Chilean subsidiary accounted for 6 percent of total EBITDA and 5 percent of revenues, according to the statement.