Bruno Alves
Spain’s €17bn public-private partnership stimulus plan has survived cuts to infrastructure announced yesterday by transport minister Jose Blanco. A list of 12 road and high-speed rail projects that will now be re-tendered to the private sector was also revealed.
Business secretary Vince Cable has positioned infrastructure as a key pillar of the new coalition government’s economic growth strategy and wants the private sector to pay for four-fifths of the £1trn in infrastructure the UK is estimated to need over the next 20 years.
A successful buyout of Abertis would indicate investors are not as wary of toll roads as many may have thought following the financial crisis, argues Bruno Alves.
The private equity firm may go the extra mile to push the buyout through in the face of a reduced debt package. Keeping Abertis’ credit rating at investment grade post-buyout is another concern, with asset sales being discussed to help fund the deal.
The Deutsche Bank-sponsored fund has acquired an 80% stake in Autovia del Camino from Global Via, Caja Navarra and NEC.
The UK rolling stock company has successfully issued a £300m 10-year ‘bullet’ bond and a £500m 25-year amortising bond as part of its debt refinancing programme.
Russia has risen to the top of InfrastructureInvestor Assets’ league table with $12bn of deals closed during the second quarter of 2010 including Nord Stream, Pulkovo Airport and two road concessions.
French rail agency RFF has officially awarded a €7.8bn contract to build and operate a 300-kilometre high-speed rail line connecting the western cities of Tours and Bordeaux.
Russia’s €5.5bn Nord Stream Gas Pipeline has topped InfrastructureInvestor Assets’ projects league table for the second quarter of the year. It is the second gas project in a row to top the list, which was headed in the first quarter by Papua New Guinea’s $18.3bn liquefied natural gas development.
The Canadian pension has offered to take over the toll road operator – a spin-off from Macquarie Infrastructure Group – for A$5bn. Intoll holds two mature roads including Canada’s 407 ETR. It is CPPIB’s second bid for an Australian-listed toll road operator this year after it failed to acquire Transurban.