Ferrovial, via subsidiary Cintra, has strengthened its position in 407 ETR in Toronto (Canada) by acquiring a further 5.8% of the road operating company from its partner SNC-Lavalin for 178.2 million Canadian dollars (128.2 million euros).
This transaction was accompanied by ownership restructuring at the concession company: Macquarie Infrastructure Group now owns part of 407 ETR since it acquired Capital d´Amerique CDPQ Inc.´s entire stake (125 million shares) for 495 million Canadian dollars (356.1 million euros).
The ownership structure of the 407 ETR is now as follows: Cintra heads the consortium (67.1%), MIG reinforces its position (16.2%) and SNC-Lavalin continues to be a shareholder (16.7%).
The world´s first electronic toll system
Ferrovial has managed Toronto´s 407 ETR (Canada) since 1999, when it obtained a 99?year contract to build, maintain and operate it. The toll route spans 108 km and was the world´s first all-electronic, open access toll system. It crosses the Greater Toronto Area in parallel with H401, the city´s first bypass and North America´s busiest road, which carries over 400,000 vehicles per day.
407 ETR was the largest-ever toll road privatization in Canada (2.4 billion euros), it was the largest investment in concessions headed by a Spanish group outside Spain and its financing originated Canada´s largest long-term bond transaction. In 2001, 407 ETR increased revenues by 28% to 176.4 million euros and traffic by 8% to an average of over 235,000 vehicles per day.