Spain's Ferrovial to buy 24% stake in IRB Infrastructure Trust for $810 million (updated)

IRB Infrastructure Developers

14/03/2024 07:17

(Adds detail on IRB Infrastructure Trust in paragraph 3, detail
from filing in paragraphs 5 and 6)
       March 14 (Reuters) - Spanish construction giant
Ferrovial  FERF.AS  said on Thursday it will buy a 24% stake in
IRB Infrastructure Trust, an investment vehicle that holds a
portfolio of 12 toll road concessions in India, for 740 million
euros (about $810 million).
    The group will acquire this stake from affiliates of
Singapore's sovereign fund GIC, which currently owns a 49% stake
in IRB Infrastructure Trust, Ferrovial said in a filing to
Spanish stock market regulator CNMV.
    IRB Infrastructure Trust has a pipeline of three additional
concessions in a country that is expanding its highways and
plans to invest around 240 billion euros in roads until 2025,
Ferrovial said, citing a report by India's Department of
Economic Affairs.
    The transaction is expected to close by the end of April,
subject to regulatory approvals.
    Ferrovial said the deal completes its investment in the
Indian market after reaching its internal size target.
    The Spanish group, which manages highways in North America
and Europe, also holds a 24.86% stake in IRB Infrastructure
Developers, an Indian infrastructure company that is one the
country's largest toll road developers.
     GIC's affiliates will retain a 25% stake in IRB
Infrastructure Trust and IRB Infrastructure Developers will keep
its current 51% stake, it said.
 
 ($1 = 0.9140 euros)

 (Reporting by Matteo Allievi and Corina Pons, editing by David
Latona and Savio D'Souza)
 ((matteo.allievi@thomsonreuters.com;))