Ferrovial increases its stake in the Virginia I-66 Managed Lanes project to 55.704%


Autopista I66
  • Reinforces its presence in the United States, its main market by revenues
  • I-66 Managed Lanes project investment is part of the Ferrovial’s Horizon 24 Plan for growth in sustainable infrastructure projects of high concession value

Ferrovial, through its highway subsidiary Cintra, has agreed with John Laing the acquisition of an additional 5.704% stake of the I-66 Managed Lanes project, in Fairfax (Virginia). The move increases Cintra’s share to 55.704 percent.

The value of the transaction accounts to €159 million, assuming an estimated closing date of 31 December 2021. The company will invest €31 million additional as part of its commitment of additional equity injections until the completion of construction corresponding to that 5.704%.

The closing of the transaction is subject to obtaining the administrative and financing entities approvals.

The acquisition of control of the concession company implies the recognition of an estimated capital gain for Ferrovial before taxes for an approximate amount of €1.023 million, as the previously acquired 50% stake has to be valued at fair value. Additionally, by taking control of the concession company, 100% of the project debt would be integrated into Ferrovial’s consolidated balance sheet, which is estimated to be €1,780 million as of 31 December 2021. The capital gain generated would also be integrated into this balance sheet, including the portion attributable to minority shareholders, most of which would be allocated to an intangible asset relating to the concession, which will be amortized over the life of this concession.

Awarded by the Virginia Department of Transportation (VDOT), the contract comprises design, build, finance, operate and maintain the Transform 66 project on Interstate 66, worth over 3 billion euro. The concession period extends to 2066. Construction is scheduled to be completed by 2022. With three regular lanes and two managed lanes in each direction, the new section of highway will expand capacity, improve mobility and enhance driver safety, as interchanges will also be upgraded to reduce congestion. The project also envisages new and expanded transit service and park-and-ride lots, with direct on- and off-ramps from the managed lanes.

North America: Strategic Market in Horizon 24

The transaction highlights the company’s confidence in this asset while reinforcing its commitment to North America, its main market by revenue. Ferrovial has six Managed Lanes in its portfolio located in Texas (LBJ, NTE, NTE 35W and NTE 3C), Virginia (I-66) and North Carolina (I-77).

At the beginning of 2020, Ferrovial announced its Horizon 24 Plan which established the company’s focus on the development of sustainable infrastructure with projects of high concession value and designated the North America as a key market for growth and development.

Cintra is one of the leading companies in the private development of transportation infrastructure throughout the world, by number of projects and by volume of investment. Cintra currently manages about 915 miles of highways, spread over 23 concessions in Canada, the United States, Europe, Australia and Colombia including a 43.23 percent stake in the 407 ETR highway concessionaire in Ontario, Canada.


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