Iridium Concesiones de Infraestructuras, a whole owned subsidiary of ACS Actividades de Construcción y Servicios, S.A., has entered into an agreement with John Laing Infrastructure Fund, to acquire an 80% stake of Iridium’s shareholding in the company owner and in the company responsible of the O&M of Barcelona metro line 9 Sections II and IV.

The transaction, which represented a capital gain of €70 million, value of €110 million reflects an Enterprise value of €874 million for both companies.

The agreement is subject to the customary consents, mainly financiers. It is expected that the transaction will be completed over the coming weeks, once all the required approvals have been obtained. 

Iridium will keep playing an active role in the management and operations of the assets by maintaining a 20% stake along a significant presence in the governing bodies of the assets and supporting those assets in the same way that Iridium has done thus far. 

The concession’s revenues are based on availability payments with up to 27 years of the concession remaining. The concession has been financed with long term debt.

Rubicon Infrastructure Advisors advised Iridium in the sale while Ashurst acted as the sell-side legal advisor.