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IMF Investors to Acquire a 24.99% Stake in Conmex from OHL Mexico

January 15, 2015

(IFM Investors) OHL Mexico, one of the leading groups in the infrastructure sector in Mexico, and IFM Investors, a uniquely-structured global fund manager, have signed today a transaction for the acquisition of a 24.99% stake in Organizacion de Proyectos de Infraestructura (OPI) by IFM Investors. OPI owns Concesionaria Mexiquense (Conmex), the company responsible for the operation of the Circuito Exterior Mexiquense (CEM) toll road in Mexico, which has a remaining concession life of 37 years. With a length of 111 km, this toll road constitutes the north-eastern section of Mexico City’s ring road and is located in a densely populated and industrial area with a high rate of motorization.

IFM Investors has agreed to pay MXN 8,777 million (c. USD 600 million[1]), which also includes the acquisition of a 24.99% equity interest in OPCEM (a newly created company responsible for the operation and maintenance of Conmex). This offer price is on a cash free basis and takes into consideration an amount of OPI debt of MXN 4,073 million, valuing 100% of Conmex’s equity at MXN 40,097 million (including estimated 31-Dec-14 cash balances of MXN 900 million). The closing of the transaction is subject to obtaining the necessary authorizations and approvals.

The agreement with IFM Investors represents a key step forward for OHL Mexico that is consistent with the group’s strategy of asset rotation and enables OHL Mexico to crystallize Conmex’s market value. The transaction boosts OHL Mexico’s financial capacity, as the proceeds will strengthen the company’s capital position to invest in concession projects in Mexico, materializing as a consequence of growth opportunities.

IFM Investors regards Conmex as an ideal investment for its infrastructure portfolio and as a unique opportunity to invest in a highly strategic, quality Mexican transportation infrastructure asset. IFM Investors values Conmex as an essential operating asset, for its strategic geographical position, long concession duration and Mexico’s positive macroeconomic outlook. Julio Garcia, Head of Infrastructure – North America at IFM Investors said: “We believe this is an excellent opportunity to enter the Mexican market and are pleased to commence our partnership with OHL Mexico.”

BBVA Bancomer and Santander acted as financial advisors to OHL Mexico and Evercore acted as financial advisor to IFM Investors.

IMF Investors to Acquire a 24.99% Stake in Conmex from OHL Mexico was last modified: January 20th, 2015 by Editor
ConmexIFM InvestorsInfrastructureMexicoOHL Mexico
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