ACS Group completes partial sale of stake in I-595 highway project in Florida

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ACS Group, through its subsidiary Iridium, has sold 75% of its 50% equity interest in the I-595 Express Lanes project in Florida (USA), to its current partner in the concession, Teachers Insurance, and Annuity Association of America (TIAA).

ACS maintains a 12.5% equity stake and will continue to have an active role in the day-to-day management of the asset through a specific Management Contract. ACS will also fully manage the operations and maintenance of I-595 Express through an operating company starting 2024 until the end of the concession term.

The I-595 Express was a landmark project in the United States, as the first Availability Payment-based public-private partnership (P3) contract in the country. The road is a 10.5 mile of tolled, reversible express lanes, running from just west of the I-595/I-95 interchange in southeast Florida to the I-75/Sawgrass Expressway interchange, including 2 miles of the Florida Turnpike. I-595 is the major east-west commuting corridor of the Greater Fort Lauderdale metropolitan area. The 5-year design and construction program was delivered on-time and on-budget in March 2014, and the project has been operating successfully for more than 5.5 years.

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