Friday, January 27, 2023

ACS Executes Purchase of 78.3% of Texas Highways for $1,063 Million

Iridium, a concessionaire of ACS Group, through its North American subsidiary, ACS Infrastructure Development, 78.38% purchases have been executed of the American Blueridge Transportation Group (BTG), the concessionaire company for a 17 kilometer section of the SH-288 highway in Houston, Texas (USA) for an amount of 1,063 million Euros.

As reported to the National Securities Market Commission (CNMV) by the company headed by Florentino Pérez, the acquisition was made after the relevant authorizations were obtained. Highway included in the middle two lanes Toll per direction.

drawn up in a contract of concession Public-private partnership at the age of 52 In 2015 the Iridium-led consortium was awarded by the Texas State Department of Transportation, a consortium that also included construction companies ACS Group Dragados USA and Police Construction.

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 roads and links existing highway, and access to the hospital complex known as the Texas Medical Center.

It is one of the most significant infrastructure works ever undertaken in the Houston metropolitan area, after Its opening to traffic in 2020 makes a significant contribution To ease the problem of congestion in one of its most populous areas.

On an average, the corridor is used by over 160,000 vehicles daily, of which about 14,000 opt To use the new toll lane.

Iridium leads the operation and maintenance functions of the highway section, which includes the management of new lanes through the application of varying toll rates based on congestion levels.

Toll collection is done through electronic collection system ‘free flow’ type tollAnd the latest technology in intelligent highway management is used for lane handling.

With this operation, ACS strengthens its position as the reference shareholder of the Group SH-288 Motorway, thereby consolidating its leadership in the infrastructure market in the United States, and from where it moves forward in its expansion strategy into the North American concession market.

Iridium has six public-private partnership contracts in the United States with a management value of more than 6,000 million eurosWith data up to October 2022.

Likewise, ACS Group responds to its commitment to continuing to expand the concessionaire business and its commitment to the North American market, with the Group accumulating more than 15 transportation infrastructure assets with a management value of Rs. more than 20,000 million euros.

Nation World News Desk
Nation World News Desk
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