Ullico invests in two toll road concessions in Puerto Rico

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Ullico invests in two toll road concessions in Puerto Rico

Ullico Inc. announced the closing of its investment in Autopistas Metropolitanas de Puerto Rico, LLC (Metropistas), the operator of PR-22 and PR-5 toll roads in Puerto Rico under a concession agreement with the Puerto Rico Highways and Transportation Authority through September 2061.

Ullico acquired the interest in Metropistas from GS Infrastructure Partners II, an investment fund managed by the Merchant Banking Division of The Goldman Sachs Group, Inc. (Goldman Sachs). Abertis Infraestructuras S.A. (Abertis) will retain the remaining majority interest and continue to operate Metropistas. Abertis is a leading global toll road owner and operator, managing 8,600 km of toll roads in 15 countries.

The transaction is Ullico's first investment in the toll road sector, and second in the transportation industry. The Metropistas business offers a unique opportunity to acquire a transportation asset with demonstrated competitive advantages, high cash flow conversion and a favorable long-term concession agreement supported by a constructive concession framework.

Mayer Brown LLP acted as a legal advisor and RBC Capital Markets acted as financial advisor to Ullico. Gibson, Dunn & Crutcher LLP acted as legal advisor and Evercore and Goldman Sachs Investment Banking Division acted as financial advisors to GS Infrastructure Partners II.

"Metropistas is a unique asset with a long history of performance and proven resilience to adverse weather and economic events," said Rohit Syal, head of acquisitions for Ullico's infrastructure business. "This is a core-plus infrastructure investment that provides strong value proposition to its customers and an opportunity to partner with a world class toll-road operator."

"We welcome Ullico's capital investment in Metropistas. We believe it reflects the market's confidence in our successful management of highways PR-22 (De Diego Expressway) and PR-5 over the past nine years, and underscores institutional investors' appetite for infrastructure investments in Puerto Rico. With this new investment and the continued support of the Government of Puerto Rico, Metropistas reaffirms its continued commitment to the Island's economic development through important infrastructure projects," said Metropistas' CEO, Julián Fernández.

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