IFM Investors is pleased to announce that the IFM Global Infrastructure Fund (“IFM GIF”) has completed the acquisition of 100% of OHL Concesiones S.A.U. (“OHL Concesiones”) The equity purchase price was EUR 2,158 million (~US$2,643 million1).
OHL Concesiones is a diversified portfolio of transportation infrastructure concessions with 19 assets across five countries, headquartered in Madrid, Spain. The portfolio consists of 14 toll roads, three ports, one airport, and one light rail asset, all of which will continue operations following completion of the acquisition. The transaction represents the completion of IFM GIF’s first investments in Spain, Chile, Peru and Colombia.
IFM Investors intends to build upon the company’s track record of successfully developing and operating transportation infrastructure assets to become the preferred provider of sustainable transport solutions. IFM Investors will also draw on its global toll road experience to drive operational and governance improvements in a transparent way.
The transaction gives IFM Investors indirect control of OHL México, S.A.B. de C.V. (“OHL Mexico”) and Concesionaria Mexiquense (“Conmex”), which are an attractive platform of assets in Mexico and are already part of IFM GIF’s portfolio.
As a result of the indirect change of control in OHL Mexico resulting from the acquisition of OHL Concesiones by IFM Investors, the Mexican Securities Market Law requires IFM Investors to launch a compulsory tender offer for OHL Mexico shares. In compliance with these requirements, IFM Investors, through its affiliate Magenta Infraestructura, has launched a compulsory public tender offer for the minority interests in OHL Mexico not controlled by IFM Investors upon completion of the OHL Concesiones acquisition. OHL Mexico shareholders may decide whether to accept the tender offer or not.
For shareholders of OHL Mexico who decide not to accept the tender offer, IFM Investors welcomes their involvement as partners in the OHL Mexico business and looks forward to participating in the company together.
IFM Investors intends to implement enhanced compliance policies and procedures and will focus on improved governance and transparency within the company. To reflect the new ownership, structure, priorities and policies, a global rebranding strategy for OHL Concesiones is well progressed and IFM Investors will make a formal announcement at the appropriate time.
11 Base on a EURUSD Exchange rate of 1.2247.