The Cintra subsidiary of Spanish contractor Ferrovial has agreed to sell a €447 million stake in two toll roads to French investment and asset management firm Meridiam.
The Spanish company said that in doing so, it will gain €474 million in capital, thanks to the divestment of the 65% stake in the Ausol I and Ausol II toll road concessions in Malaga, Spain.
Ferrovial said the capital will be used to deconsolidate the gross debt of the project, which amounts to €603 million (€542 million net debt).
Once completed Ferrovial will own 15% of both concessions and retain the option to sell the assets at an agreed price before a certain date, while Meridiam will have the option to buy the assets at an agreed price before a particular date.
To date, Cintra has owned 80% of the toll roads, which were awarded in 1996 and 1999, respectively. Ausol I opened to traffic in 1999 and its concession expires in 2046; the Ausol II concession, which became operational in 2002, expires in 2054. Together they make up a 105 km road that links Malaga with Guadiaro, in southern Spain. Cintra will continue to maintain the road in partnership with Meridiam.
Final closure of the transaction is subject to obtaining official approval.