Privatization - Chile

Brookfield buys Vespucio Norte tollroad from ACS for US$291mn

Brookfield buys Vespucio Norte tollroad from ACS for US$291mn

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Spanish firm ACS has sold its stake in Chile's Vespucio Norte tollroad and San Cristóbal tunnel in capital Santiago to a consortium led by Brookfield Asset Management (NYSE: BAM) for 216mn euros (US$291mn).

Prior to the purchase, ACS had a 46.3% stake in the toll highway, with the remaining shares belonging to Spanish firm Cofides and Germany's Hochtief, of which ACS is a majority shareholder, the latter company said in a release.

The deal is subject to regulatory approval, according to the statement.

The 30km Vespucio Norte, part of Santiago's beltway, runs from Huechuraba to Maipú. The 30-year concession was awarded to ACS in 2002 by the public works ministry (MOP) for US$320mn.