Privatization of 24% in IRB Infrastructure Trust

active

"The project comprises the partial privatisation of IRB Infrastructure Trust by Ferrovial, through its toll road subsidiary Cintra. It has agreed to acquire a 24% stake in the trust, which is an investment vehicle that holds a portfolio of 12 toll road concessions in India with a committed pipeline of 3 additional concessions. The sponsors of IRB Infrastructure Trust are IRB Infrastructure Developers Ltd (IRB ListCo) and Singapore government's sovereign wealth fund GIC. MMK Toll Road (IM) is the investment manager of the Sebi-registered IRB Infrastructure Trust. The total investment is close to $793m (EUR 740 million). The divestor is GIC, as Ferrovial is acquiring this 24% stake from affiliates of GIC, which currently own a 49% stake of IRB Infrastructure Trust. After the transaction is closed, GIC’s affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will maintain its current 51% stake. The deal was closed in March 2024. The total investment amount includes EUR 97 million to fund outstanding equity commitments in projects being developed by IRB Infrastructure Trust. The acquisition price and the outstanding equity commitments will be funded with equity and, potentially, non-recourse debt and other sources of financing. The SPV units are respectively Cintra InvIT Investments BV (Cintra SPV 1) and Cintra IM Investments BV (Cintra SPV 2), collectively belonging to the Netherlands-based Ferrovial group. The acquisition of approximately 24 per cent comes along with certain commercially negotiated rights in the Private InvIT (IRB Infra Trust) by Cintra SPV 1 and the simultaneous acquisition of approximately 24 per cent equity shareholding along with the right to nominate a director on the board of directors of the IM of the Private InvIT by Cintra SPV 2. " https://newsroom.ferrovial.com/en/press_releases/ferrovial-agrees-to-acquire-24-of-irb-infrastructure-trust-for-eur-740-million/ ; https://www.business-standard.com/companies/news/cintra-receives-cci-s-approval-to-acquire-24-stake-in-irb-infra-trust-124060401847_1.html ; https://newsroom.ferrovial.com/en/press_releases/ferrovial-agrees-to-acquire-24-of-irb-infrastructure-trust-for-eur-740-million/ ; https://www.business-standard.com/companies/news/cintra-receives-cci-s-approval-to-acquire-24-stake-in-irb-infra-trust-124060401847_1.html ;