Amey, a subsidiary of Spanish group Ferrovial, has sold a 50 percent stake in its PFI unit – Amey Ventures – to DIF’s second infrastructure fund.
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Both parties declined to comment on the value of the transaction but press speculation estimates Amey Ventures’ assets to be worth over £300 million (€341 million; $468 million). Under the new partnership, both companies agree to work together on selected PFI projects in the future, Amey said in a statement.
DIF and Amey had already conducted business late last year when the Ferrovial subsidiary sold DIF a 50 percent stake in a portfolio of 10 UK school PFIs. The transaction will allow Amey’s owner, Ferrovial, to deconsolidate some debt associated with its British unit, which had £270 million in debt at the end of 2008. Ferrovial’s debt stood at €22 billion as of September 2009.
DIF Infrastructure II recently acquired a 12.5 percent stake in the UK’s largest hospital PFI – the £1.7 billion Bart’s Hospital project – from the Commonwealth Bank of Australia. DIF currently manages a portfolio of €300 million of PPP/PFI projects and renewable energy assets.