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Metropistas stake up for sale: Bloomberg
Posted on Friday, 18 October 2019 11:29
Goldman Sachs’ infrastructure investment arm is considering offloading its 49.0 per cent Autopistas Metropolitanas de Puerto Rico (Metropistas), people with knowledge of the process told Bloomberg. According to the sources, who declined to be identified as the matter is confidential, the sale could value the Puerto Rico-based toll road operator at more than USD 2.00 billion. Metropistas operates a concession consisting of two sections of highway; PR-22 runs along the north coast of the island connecting the west to San Juan; and PR-5 is a short road on the south-west side of San Juan. They have been in operation and tolled since 1972 when the Buchanan turnpike first opened. Since then, an additional six tollways have been added, giving a total of six on PR-22 and one on PR-5. One of Bloomberg’s sources noted the combined annual earnings before interest, taxes, depreciation and amortisation of the roads is more than USD 100.00 million. In 2011, a consortium comprising Abertis Infraestructuras of Spain (45.0 per cent) and GS Infrastructure Partner (55.0 per cent) won a USD 1.08 billion tender to manage PR-22 and PR-5 for 40 years. The European toll road giant become the majority owner of Metropistas in 2014 after acquiring an additional 6.0 per cent. Bloomberg’s article comes a week after GS Infrastructure Partner announced plans to sell 70.0 per cent of Red de Carreteras de Occidente (ROC). Abertis is acquiring 50.1 per cent for EUR 1.50 billion, the sovereign wealth fund GIC is picking up 19.9 per cent and a tender offer will be launched for the remaining 30.0 per cent. According to the statement, the deal gives ROC, which is touted as one of Mexico’s largest private tollroad operators, an enterprise value of EUR 5.80 billion. © Zephus Ltd