Spanish infrastructure firm FCC last week said in a statement to the stock market regulator that creditors of its infrastructure unit Globalvia had taken over the company, exercising their preferential right to buy its shares.

This new 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 transaction needed that the funds USS, OPTrust and PGGM, which currently hold a €750 million convertible bond, renounce to acquire Globalvia's shares. But finally, they decided to convert the bond into shares.

Khazanah Nasional Berhad was supposed to pay €166 million (US$184.4 million) in a first payment and a maximum of €254 million (US$282.1 million) in a second payment in 2017, which depended on the final company valuation.

JPMorgan and Macquarie had acted as financial advisors and Hogan Lovells as legal advisor to the sellers in the transaction with Khazanah.

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.