GIC, Abertis Group to acquire 70% stake in Mexican toll road operator

Rush hour in Mexico City, Mexico. Photo: Pixabay

Singapore’s sovereign wealth fund, GIC, and Spanish toll road operator Abertis Group are acquiring a 70 per cent stake in Red de Carreteras de Occidente (RCO), one of Mexico’s largest toll road operators.

The stake will be sold by an affiliate of Goldman Sachs Infrastructure Partners (GSIP). Local investors and Mexico’s Afores pension funds will continue to hold a 30 per cent stake in RCO.

According to a statement, Abertis and GIC will form a consortium that will be majority controlled by Abertis. The Spanish group will acquire a 50.1 per cent stake from GSIP for 1.5 billion euros ($1.65 billion), which will be paid in cash and existing committed bank facilities.

The transaction is expected to close in the first half of 2020 through a tender offer. The deal gives RCO an enterprise value of 5 billion euros ($5.51 billion).

“This purchase is an important growth deal for the Abertis Group, which enters into a country that strongly promotes public-private partnerships,” said Abertis CEO José Aljaro in a statement.

Upon deal closure, RCO will be fully consolidated under Abertis Group’s accounts. RCO manages five concessions totalling 876 km of toll roads located in Mexico’s central-western region.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.