Colombia’s ISA is exercising its call option to acquire the remaining 40 percent of Cintra Chile – a Chilean roads developer now known as Intervial Chile – from Spanish developer Ferrovial.
The Colombia infrastructure developer paid $215 million for the remainder of Ferrovial’s Chilean roads business, which operates hundreds of kilometres of toll roads across Chile. Last year, ISA acquired 60 percent of Intervial Chile for $290 million and was given the right to acquire the remaining assets from Ferrovial later, which ISA now exercised.
ISA must finalize the deal over the next three months in order to uphold the terms of the covenant.
Ferrovial recently sold 5.88 percent of BAA, the UK airports operator, to US investor Alinda for $438 million. The developer is also gearing up to sell BAA’s Edinburgh Airport, at the behest of the UK’s competition watchdog, in a deal that said to be worth north of $670 million.
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