International investors scoop Globalvia

Minority stakeholders have completed their buyout of Globalvia, acquiring 100% of the concessions firm.

Spanish bank Bankia and developer FCC have sold 100% of their stakes in Globalvia to UK pension fund USS, Canadian fund OPTrust and Dutch fund PGGM. All three were minority stakeholders in the company prior to this €420m deal.

The transaction has been closed with an initial payment of €166m, with another payment due in the first quarter of 2017 that could be around €254m depending on the valuation of the firm during the bond conversion period. Deutsche Bank has advised on the deal.

Globalvia was originally planned to be sold to the Malaysia Khazanah Nasional Berhad fund, but that deal was halted in August when the minority stakeholders, owners of a convertible bond worth €750m in the company, exercised their pre-emption rights to acquire the total stake in the firm.

Globalvia owns 19 toll roads, nine of them in Spain. The company, with a presence in seven countries, also has concessions in eight railways, a hospital and a port.                   

For FCC, the sale of Globalvia is part of its divestment plan. In early May, the firm launched a new unit focused on concessions.