ACS completes partial sale of Florida highway

ACS Group, through its subsidiary Iridium, has sold 75% of its 50% equity interest in the I-595 Express Lanes project in Florida.

It has sold the stake to its current partner in the concession, Teachers Insurance and Annuity Association of America (TIAA), with a total Enterprise Value (100%) as of December 2019 of more than EUR1.06bn (USD1.17bn).

ACS maintains a 12.5% equity stake and will continue to have an active role in the day-to-day management of the asset through a specific Management Contract. ACS will also fully manage the operations and maintenance of I-595 Express through an operating company starting 2024 until the end of the concession term.

The I-595 Express was the first availability payment-based P3 contract in the country. The road is a 10.5 mile of tolled, reversible express lanes, running from just west of the I-595/I-95 interchange in southeast Florida to the I-75/Sawgrass Expressway interchange, including 2 miles of the Florida Turnpike.

I-595 is the major east-west commuting corridor of the greater Fort Lauderdale metropolitan area. The 5-year design and construction program was delivered on-time and on-budget in March 2014, and the project has been operating successfully for more than 5.5 years.

ACS’ P3 asset portfolio in North America is worth more than EUR19bn and includes the Eglinton Crosstown LRT in Toronto, the New Champlain Bridge in Montreal, the Gordie Howe Bridge project between Windsor and Detroit, the SH 288 Toll Lanes Project in Texas and the LAX Automated People Mover in Los Angeles.