Sunday, June 4, 2023

ACS acquires 78.3% of SH-288 toll road in US for 250 million

ACS has increased its stake in the SH-288 toll highway concession in Houston (United States) to 78.38% after acquiring an additional 12.11% from Clall Insurance for approximately €250 million.

With this operation, which has been carried out through its subsidiary Iridum, ACS Group once again increases its participation after the purchase on August 31, as indicated by the company to the National Securities Markets Commission (CNMV). .

Cessation of operations is still subject to obtaining relevant administrative approval and compliance with the foregoing terms of this type of agreement, as well as the closure of the previous operation of the sale of 44.65% to Infrared Capital Partners, Northleaf Capital Partners and Star. America.

The concession is part of a 52-year public-private partnership contract (P3) awarded in 2015 by the Texas Department of Transportation to an Iridium-led consortium, a consortium in which construction companies from the ACS Dragados USA group also participated. and police formation.

The contract includes the financing, design, construction and operation of four new toll lanes in the middle of the corridor and its access, rehabilitation and improvement of existing highway roads and links, and access to a hospital complex called Texas Medical. hub.

It is one of the most significant infrastructure works undertaken in the Houston metropolitan area, contributing to improving congestion problems in its most populous areas once they open to traffic in 2020.

On an average, the corridor is traveled by over 160,000 vehicles daily, of which around 14,000 choose to use the new toll lane.

Iridium leads the operation and maintenance operations of the highway segment, including the management of new lanes through the application of a toll rate that will vary based on congestion levels.

Bet on the North American Market

Currently, Iridium has six public-private partnership contracts in the United States with a management value of over EUR 6,000 million.

ACS has set itself the goal of expanding the concession business and continuing to invest in the North American market, in which the group owns more than 15 transportation infrastructure assets with a management value of over €20,000 million.

After 12:00 p.m., ACS shares rose more than 2% to 24.2 euros. The company’s shares have gained more than 12% so far this year.

Nation World News Desk
Nation World News Desk
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