Meridiam acquires a portfolio of eight transport, social and water projects spread across Spain from Acciona, a Spanish infrastructure company active in energy, water and services sectors. The value of the portfolio amounts to EUR 312 million (USD 372.46 million) with an average remaining concession life of 18 years.
The Portfolio consists of 4 hospitals located in Madrid, Ibiza, Vigo and Toledo (3,350 hospital beds), 2 roads (125km long), The Barcelona Law School extension which serves 7,000 students and Canal de Navarra, one of the largest hydraulic infrastructures in the autonomous community of Navarra. The Canal comprises a 760 km irrigation system which has allowed more than 40 crop varieties to exist (i.e. corn, vineyard, sunflower, etc.) and plays an important role in the region’s economy.
Meridiam will acquire leading stakes in all the eight assets while Bestinver, through its new infrastructure fund, will take minority stakes in the CM-42 Highway and in the hospitals of Ibiza and San Sebastián de Los Reyes for EUR45 million (USD 54.6 million) under the same financial conditions.
The deal, subject to various authorizations, is expected to close during the first half of 2021. Crédit Agricole Corporate and Investment Bank has acted as sole financial advisor to Acciona in the transaction.