Ferrovial, via its toll road subsidiary Cintra, will sell Cintra's 40% stake in Intervial Chile (formerly Cintra Chile) to ISA. Ferrovial and ISA reached an agreement on 15 September 2010 for the sale of 60% of Cintra Chile and ISA was granted a call option for the remaining 40%.
Ferrovial, through its toll road subsidiary Cintra Infraestructuras S.A., has been notified by Colombian company Interconexión Eléctrica S.A. ("ISA") of the latter's decision to exercise its call option on Cintra's remaining 40% in Intervial Chile, S.A. (formerly Cintra Concesiones de Infraestructuras de Transporte de Chile Limitada). This transaction is estimated to be worth 160 million euro.
This decision is part of an agreement signed on 15 September 2010 in which both parties agreed that ISA had a call option on Cintra's remaining stake in Intervial Chile, S.A. ISA has 90 days for the financial closure of this transaction.
ISA is a Colombian company operating in Brazil, Peru, Bolivia, Chile, Panama and Central America. Through its subsidiaries and investees, it designs, builds and operates linear infrastructure systems, with a view to promoting Latin America's development.
ISA is involved in electricity transmission, infrastructure construction and telecommunications, energy markets operation and management, and road development under concession contracts. ISA's consolidated assets exceeded 13.589 billion dollars at 31 December 2010, and revenues amounted to approximately 1.849 billion dollars. The company is one of Latin America's largest electricity transmission operators, with over 38,000 kilometers of high-tension lines. Through subsidiary INTERNEXA, it has 18,000 kilometers of telecommunications grid, the largest network in South America, connecting Venezuela, Colombia, Ecuador, Peru, Chile, Argentina and Brazil.
Founded in 1952, Ferrovial is one of the world's leading infrastructure groups, operating through its airports, toll roads, construction and services divisions. Ferrovial owns stakes in some of the world's leading privately-owned infrastructure assets, such as 407 Express Toll Route in Toronto, London's Heathrow Airport, Chicago Skyway and Ausol toll road in Spain. Ferrovial is part of Spain's blue-chip IBEX-35 index and also of the prestigious DJSI and FTSE4Good sustainability indices.