- The deal highlights Ferrovial’s confidence in the North Carolina asset
- The transaction is part of the Horizon 24 Plan, focused on creating valuable sustainable infrastructure projects
Ferrovial, through subsidiary Cintra, has agreed to acquire a 7.135% stake in highway I-77, located in North Carolina (USA), from Abrdn. The deal, worth €105 million (USD 109 million) raises the company’s stake in the asset to 72.23%. The other shareholders are John Laing (24.58%) and Abrdn (3.18%).
Measuring 41.8 kilometers in length, I-77 is a Managed Lanes toll road that opened to traffic in 2019 under a concession that expires in 2069. The road greatly reduces travel times in the environs of Charlotte, one of the country’s fastest-growing areas.
North America: a strategic market under Horizon 24
The acquisition highlights Ferrovial’s confidence in the asset while also strengthening its investment exposure to the US. Ferrovial has five managed lane toll roads: in Texas (LBJ, NTE and NTE 35W), Virginia (I-66) and North Carolina (I-77). The company’s Horizon 24 Plan, unveiled early in 2020, focuses on growth in developing sustainable infrastructure with high concession values, and identifies North America as a key market for development.
Cintra, Ferrovial’s toll road division, is one of the leading developers and operators of transport infrastructure concessions. It currently manages 1,262 kilometers under 22 concessions in eight countries. It operates the following roads, among others: 407 ETR (Toronto), NTE and LBJ (Texas), I-77 (North Carolina), I-66 (Virginia) and Autema and A-66 (Spain). Those figures do not include assets owned by Indian company IRB, in which Cintra holds a stake.