Agreement signed for OHL Concesiones

Developer Obrascon Huarte Lain (OHL) has signed an agreement for the acquisition of its concessions arm.

Australian institutional manager IFM Investors has confirmed it has entered into an agreement with OHL Group in relation to acquiring 100% of OHL Concesiones for a fixed price of at €2.77bn. 

Following the transaction, the Spanish group will continue to operate its construction, industrial, developments and services businesses.

IFM Investors will gain control of a diversified portfolio of transportation infrastructure concessions with 19 assets across Mexico, Spain, Chile, Peru and Colombia including assets that it is already invested in; Conmex and OHL Mexico. The portfolio consists of 14 toll roads, three ports, one airport and one light rail asset. 

The acquisition is subject to finalizing confirmatory due diligence and transaction documentation.The group intends to call a shareholder meeting to approve the transaction as soon as practical. Grupo Villar Mir, the majority shareholder, has concluded that the offer represents the best option.

As previously reported IFM Investors has spent over three years developing a partnership with OHL and in June launched a joint tender offer for OHL Mexico.

OHL is an equity member of the Torc consortium that submitted qualifications for the Irish government’s Social Housing PPP Bundle last month.