On 19 June 2014 BBGI SICAV S.A. announced that it has completed the acquisition of a further 41.2% equity interest in the E18 Roadway Project in Norway from Sundt A.S.
BBGI now owns 100% of the equity interest in the E18 project.
E18 is a long term PPP concession contract to operate and maintain a new section of highway between Grimstad and Kristiansand in Norway. The 38km dual carriageway road opened in August 2009 and is part of the trunk road from Oslo to Kristiansand. It is a key element of the transport corridor between southern Norway and the Continent as well as an important connection between the two cities. The concession expires in 2034 and is availability-based with no volume risk.
The acquisition price of approximately GBP 12.5 million (US$21.3 million) was funded from the company's existing cash resources and drawings from the credit facility.
In early June we published that BBGI SICAV S.A. announced last week that it has entered into a Sale and Purchase Agreement with Sundt A.S. to acquire the interest in the E18 Roadway Project in Norway.
BBGI announced on 31 March 2014 that it also completed the acquisition of 37.5% of the equity and subordinated debt interests in Mersey Gateway Bridge (MGB). In April, the listed global infrastructure investment company, announced that it had completed the acquisition of 50% equity and loan note interest in four operational PPP Projects in Germany from Hochtief PPP Solutions GmbH.