OHL builds stake in toll road operator Abertis

Spanish infrastructure operator Abertis has signed a letter of intent to acquire 12 toll road concessions in Brazil and Chile from contractor OHL. The assets comprise 3569 km of roads and in return, Abertis will hand OHL 10% of its shares, worth € 900 million (US$ 1.2 billion).

The assets being transferred to Abertis comprise nine toll roads in Brazil totalling 3,227 km, along with three concessions in Chile totalling 342 km. Abertis says that with these assets it will become the biggest toll road operator in the world, with a portfolio of more than 7,500 km.

In a separate development, OHL has acquired a further 4.7% stake in Abertis through an equity swap agreement with fellow Spanish contractor ACS. It says its total holding of 14.7% of Abertis' equity will make it one of the company's three largest shareholders.

OHL said that base d on 2011 figures, its shareholding in Abertis would make a positive contribution to its balance sheet and add about +20% to its earnings per share.