Infravia and Macquarie buy stake in Malaga metro

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Infravia and Macquarie buy stake in Malaga metro

France's infrastructure investor InfraVia and Australia's investor Macquarie Group have agreed a deal to buy 39.4 % of the Malaga metro concession, in Spain.

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 %.

Once closed, Macquarie and InfraVia will become major shareholders in Metro Málaga, which will be also owned by the Andalusian regional government, 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 has been sold for €100 million (US$112.9 million), which means almost 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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