News / Abertis becomes the majority shareholder in Puerto Rico highway P3

Abertis becomes the majority shareholder in Puerto Rico highway P3

🕔 February 5, 2014
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Abertis has acquired 6% of the Autopistas Metropolitanas de Puerto Rico, LLC (Metropistas) from the investment funds managed by Goldman Sachs, GS Global Infrastructure Partners II L.P. and GS International Infrastructure Partners II L.P., for US $43.6 million (€32.2 million).

In 2011, the consortium formed by Abertis and the Goldman Sachs funds was awarded the tender to manage these toll roads for 40 years, for a US US $1,080 million (€762 million, then) concession fee. Of this, 60 % of this upfront payment was funded by long term debt and 40 % was funded through capital contributions by the partners, Abertis Infraestructuras S.A. (owning 45%), GS International Infrastructure Partners II L.P. (32%), and GS Global Infrastructure Partners II L.P. (23%).

As a result of the announced transaction, Abertis has reached a 51% of the concessionaire for the PR-22 and PR-5 toll roads in Puerto Rico and becomes the majority shareholder of the company. Metropistas will now be fully consolidated in Abertis' accounts. It is expected to contribute approximately €85 million in revenue and €50 million in EBITDA during 2014.

In total, the PR-22 and PR-5 toll roads are 87 kilometres in length. The 83-kilometre PR-22 connects San Juan, Puerto Rico's capital, with the city of Arecibo and is the island's busiest toll road. The PR-5, which opened in 2006, is a four-kilometre extension of the PR-22 running through the San Juan metropolitan area.

Abertis' acquisition of a majority participation in metropistas denotes its compromise to the company and to continuing to drive operational efficiency and innovation, and stresses the strategic importance that Puerto Rico has in its goals to continue to deliver world-class projects.

This transaction strengthens Abertis' industrial role in the projects in which it is involved and its strategy to focus on its two core businesses: toll roads and telecommunications.

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