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Fri April 23 2021

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Ferrovial sells stake in $2.8bn US highway PPP

16 Nov 15 Ferrovial has sold its stake in the Chicago Skyway concession in a US$2.836bn (£2.86bn) deal that will return $269m (£176m) to the company.

The other concession partners will also sell their stake. The purchaser, a Canadian pension consortium, is expected to continue operations of the Chicago Skyway as usual, with no impact to the driving public.

Ferrovial highway division Cintra has reached an agreement with the consortium of three Canadian pension firms for the transfer of its 55% stake in the Chicago Skyway. Ferrovial’s concession partners, Macquarie Atlas Roads and Macquarie Infrastructure Partners, also reached an agreement to sell their combined 45% stake in the concession. The total transaction is valued at US$2.836bn.

The Chicago Skyway Concession was awarded to Ferrovial and its concession partners for US$1.83bn in January 2005 for a term of 99 years. The concession was the first privatisation of a highway in the United States. Ferrovial, through its subsidiary Cintra, now operates five other concessions in the United States, representing a total investment of more than US$7.3bn.

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