Ferrovial´s UK services subsidiary was delisted from the London Stock Exchange today
Ferrovial owns over 95% of Amey
Madrid, 26 June 2003. Amey, a UK services company controlled by Ferrovial, today exercised its call option on 33% of Tube Lines, the company which is charge of maintenance and modernisation of the infrastructure on three lines of London Underground. The acquisition cost 60 million pounds (86.5 million euros).
With this step, Ferrovial concludes the acquisition of Amey, which was delisted today from the London Stock Exchange, as planned. On 25 April, Ferrovial made a tender offer for Amey and it took control of the company on 29 May.
Ferrovial currently owns more than 95% of Amey´s capital, and it will increase this to 100% within one month.
Maintenance of three lines of London Underground: 335 km of track plus 100 stations
Since January, Tube Lines, a company founded by Jarvis, Bechtel and Amey, has held a 30-year concession to maintain and modernise the infrastructure on three lines of London Underground: Jubilee, Northern and Piccadilly.
The concession includes maintenance, upkeep, replacement and improvement of station infrastructure, trains, tracks and signalling systems. The three lines total 335 km of track and 100 stations.
In the first concession period (7.5 years), the value of the contract amounts to 4.5 billion pounds (6.5 billion euros), of which 2.4 billion pounds will be invested in infrastructure improvement and 2.1 billion pounds in operation and maintenance.
Strengthening the services division and expanding internationally
The Amey acquisition, which is a major strategic move, strengthens Ferrovial´s services area and its international strategy. Amey´s activities involve comprehensive management of infrastructure (roads and railways and underground rail) and facility management (maintenance and integrated management of buildings and facilities).
Amey is one of the leading players in the area of private financing and management of infrastructure and services for government under PFI (Private Finance Initiative) and PPP (Public Private Partnership) formulas.
Ferrovial is present in the British Isles through managing Belfast City Airport and Bristol Airport (which it owns). It also recently obtained a toll road concession in the Republic of Ireland (the N4/N6). Ferrovial operates in Canada, Poland, Australia, the United Kingdom, Portugal, Ireland and Latin America. In 2002, international activities provided 28% of group revenues (rising to over 40% after the Amey acquisition) and 42% of operating profit.
