Globalvia may equal bid for Malaga metro stake

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Globalvia may equal bid for Malaga metro stake

Globalvia may equal the bid submitted by France's infrastructure investor InfraVia and Australia's investor Macquarie Group to buy 39.4 % of the Malaga metro concession, in Spain.

According to sources, Globalvia may exercise its preference right to buy the asset as existing shareholder.

This announcement comes after InfraVia and Macquarie Group reached, in mid September, an agreement to buy 39.4 % of the asset for a total consideration of €108 million (US$123.3 million).

In early October, the Andalusian regional government, Junta de Andalucía, announced that it will not exercise its right to acquire the asset.

Other sources have said during this week that FCC may also sell its stake to the potential buyer at the same price.

The sellers are Spanish saving bank Cajamar and regional contractors Azvi, and Sando. The three companies will sell their shares as a package. Sepecifically, Cajamar will sell 18.86 %, Azvi 11.96 %, and Sando 8.57 %. The Malaga metro concession is also owned by the Junta de Andalucía (23.69 %),  Globalvia (15.31 %) FCC (10.01%), Comsa-Emte (10.56 %) and Grupo Vera (1.04 %).

The share capital of Metro Málaga is €136.5 million, and the 39.4% stake is set to be sold for €108 million, which means approximately 100% profit on the shares.

The project dates back to 2004, when the Regional Government of Andalusia awarded the construction and subsequent operation of the infrastructure to the concession holder Metro de Málaga S.A. The development of the project required an investment of €636 million, financed through a loan from the European Investment Bank. The operation of the passenger transport service will be carried out by Metro de Málaga S.A. until the end of 2042.

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