Obrascon Huarte Lain (OHL) will call a general shareholders meeting to submit the transaction for its prior approval in compliance with the Spanish Capital Companies Act.
The closing of the transaction is also conditioned on, among others, obtaining the corresponding anti-trust authorisation from the Mexican authorities, obtaining certain waivers from creditors, as well as additional conditions.
Grupo Villar Mir, 54.5% majority shareholder, supports the transaction and has stated that it will exercise its voting rights and vote in favour of the approval of the transaction.
In accordance with the above, OHL expects that closing of the transaction will occur during the first quarter of 2018.
The Spanish group said “the important income that this transaction will provide to the OHL Group will not only leave the Company without net recourse debt, but will also result in a positive treasury position.”
Following the announcement Moody's upgraded to B3 from Caa1 the corporate family rating of the OHL group. Concurrently, the ratings agency has upgraded to B3-PD from Caa1-PD the probability of default rating and to B3 from Caa1 the ratings on the senior unsecured instruments. The ratings remain on review for further upgrade.
The Australian institutional manager entered into an agreement with OHL in October.
Meanwhile, IFM Investors has opened a new office in Seoul, Korea.