Malaysia's Khazanah Nasional Berhad buys Globalvia

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Malaysia's Khazanah Nasional Berhad buys Globalvia

Khazanah Nasional Berhad, the Government of Malaysia's strategic investment fund, has acquired the Spanish infrastructure concession group Globalvia from FCC and Bankia.

Khazanah Nasional Berhad will 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 depend on the final company valuation.

The transaction has to be approved by the Spanish Treasury. It is also needed that the funds USS, OPTrust and PGGM, which currently hold a €750 million convertible bond, renounce to acquire Globalvia's shares.

 JPMorgan and Macquarie have acted as financial advisors and Hogan Lovells as legal advisor to the sellers.

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.

FCC and Bankia also owned real estate firm Realia. Recently, Bankia sold its stake in Realia to Inmobiliaria Carso, owned by Mexican millionaire Carlos Slim. Slim is also a shareholder in FCC.

Realia owns real estate properties of 419.000 square meters in total. The firm owns two landmark office buildings, the Kio towers in Madrid and the Realia BCN skyscraper in Barcelona.

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