Ferrovial exits Portuguese road PPP

Credit: Ferrovial

Spanish giant Ferrovial has agreed a deal to exit the Azores toll road PPP in Portugal.

Under the €42.6m deal, infrastructure funds Horizon and RiverRock will pick up the firm’s 89.2% share in the project.

Completed in 2011, the concession, which runs until 2036, covers a 93km stretch connecting the island’s airport with its two largest cities.

Ferrovial said the sale was part of its strategy to rotate mature assets, which also recently saw the firm complete its exit from the Autopista del Sol (Ausol) highway concessions in Spain.

Recently, Ferrovial has been in the middle of a major strategic move, opting to list on markets outside of Spain - despite the ire of the country’s government. Shareholders have voted through the plan, which could potentially see the firm tap American capital markets in the future.