ICA sells highways to Goldman Sachs JV

The Mexican firm has sold its holdings in the Irapuato-Le Piedad highway and the Queretaro-Irapuato highway to ICA affiliate RCO, which is also part-owned by Goldman Sachs.

Empresas Ingenieros Civiles Asociados (ICA) in Mexico has sold a portion of its highway portfolio to Red de Carreteras de Occidente (RCO).

ICA unloaded its ownership in both the Irapuato-Le Piedad highway and the Queretaro-Irapuato highway to RCO, described as a “non-consolidated” ICA affiliate, for an increased interest in RCO and cash.

A spokesman from ICA pointed out that RCO is also part-owned by Wall Street firm Goldman Sachs Group.

ICA is set to receive MXN$2.15 billion (€118 million; $161million), with an initial compensation of MXN$1.8 billion and, should certain financial criteria be met, MXN$350 million in stock. 

The spokesman said ICA is now an 18.7 percent stakeholder in RCO.

ICA had prior to the sale owned 13.6 percent of RCO. ICA, in making the transfer, maximized the value of its concession portfolio, the company said. 

ICA is the second-biggest construction company in Mexico and has business in North America and Europe.