Mexico's Pinfra raises stake in Michoacán road concession
Mexican construction firm Pinfra has negotiated the acquisition of 100% of the concession to build, maintain and operate a package of local highways in Michoacán state.
Pinfra won the 30-year concession contract back in 2011 as part of a consortium that also included Grupo Azvi, Infraestructura Institucional – currently owned by BlackRock – and Sociedad Michoacana de Constructores.
Around 75% of the concession was controlled by the other three firms in the consortium, the company said in a filing sent to the Mexican stock exchange (BMV).
The firm did not specify the amount to be paid under the transaction or state the date on which when the deal will go into effect.
FIBRAVIA CAPITAL INCREASE
Meanwhile, FibraVia, a special purpose vehicle Pinfra set up to issue Fibra E securities, is completing a capital increase of 10bn pesos (US$497mn) in the market for infrastructure investments, which "preferably would be used for the acquisition of the Michoacán package," the firm said in a separate filing.
The concession covers 362km of highways in the state, including the Pátzcuaro-Urupan, Uruapan-Nueva Italia, and Nueva Italia-Lázaro Cárdenas highways, as well as the Uruapan and Morelia bypasses.
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