FCC and Bankia have signed an agreement to sell 100% of the shares of Globalvia to the funds USS, OPTrust and PGGM, which are exercising their preferential purchase right.
Under the terms of the agreement USS, OPTrust and PGGM will pay up to €420 million (US$463.4). The funds have exercised their preferential purchase right as holders of a €750 million bond that is convertible into the company's shares.
This deal changes the landscape as FCC and Bankia, Globalvia's shareholders, had struck a deal in July to sell the firm to Malasia Khazanah Nasional Berhad, Malaysia's sovereign fund. The price of the transaction is identical to the price previously agreed by FCC and Bankia with Khazanah Nasional Berhad.
The agreement is structured into an initial payment of €166 million, to be paid when the shares are actually transferred, plus a deferred payment to be made in the first six months of 2017, which could total up to €254 million depending on the company's valuation at the time of the bond conversion.
The transaction is subject to obtaining the obligatory authorisations from various public administrations that have granted concessions to Globalvia.
Globalvia, which is 50/50 owned by FCC and Bankia, is one of the world's leading companies in the management of infrastructure assets.
Globalvia's portfolio boasts a high degree of product diversify and includes a significant number of assets. The firm's portfolio is composed by 19 highways, 8 railways, one airport, two hospitals and two ports in seven countries: Spain, Ireland, Portugal, Andorra, Mexico, Costa Rica and Chile.