Rubicon Advises Ferrovial on the Sale of Shares in Two Motorway Concessions; Successful Competitive Process Signals Opening of Greek Market
Rubicon Advises Ferrovial on the Sale of Shares in Two Motorway Concessions; Successful Competitive Process Signals Opening of Greek Market
DUBLIN, IRELAND, December 13, 2018 – Rubicon Infrastructure Advisors is pleased to announce the financial close of the sale of Ferrovial’s minority equity interests in two motorway concessions in Greece (21.41% in Nea Odos Concessionaire, S.A and 33.34% in Odos Kentrikis Elladas, S.A) to GEK Terna, one of Greece’s largest construction companies. This transaction represents the first successful competitive private-to-private road transportation M&A sale in Greece since the global financial crisis began.
Greece’s economy is undergoing a strong economic recovery following many years of severe recession. This recovery is due in part to rising GDP (expected to grow by 2.5% in both 2018 and 2019) and also as a result of the significant economic reforms mandated by the European Commission’s Economic Adjustment Programme.
These positive economic developments have facilitated increased investor interest in the Greek infrastructure and energy markets. The Greek government continues to advance key initiatives such as privatisation of essential operating assets while facilitating the procurement of new greenfield projects. In Rubicon’s view, Greece continues to offer compelling value for international equity and debt investors willing to look beyond the headline risk, which is rapidly receding.
The process was unprecedented in efficiency, investor outreach and timeline, and included interaction with over 30 potential investors, despite the perceived challenging nature of the Greek market.
“Rubicon’s strong investor relationships, insight into Greek infrastructure investments and ability to “open up” challenging markets aided in the speed in which we executed upon this transaction,” noted Rubicon Infrastructure Advisors Managing Director, Aeneas Griffin. “We’re proud to continue our longstanding relationship with both Cintra and Ferrovial and are especially delighted to be able to once again deliver for our client.”
Thus far in 2018, Rubicon has cemented its market-leading standing as one of the world’s foremost infrastructure M&A and financial advisors, having been involved in the sale, acquisition or financing of over 20 essential, operating PPP assets representing in excess of €10 billion enterprise value and located across Europe and the Americas.
About Rubicon Infrastructure Advisors
Rubicon is one of the world’s leading investment banking firms focused solely on the infrastructure, energy & utilities sectors. With offices in Europe and the Americas, along with further expansion plans in 2019 to open an office in Sydney, the firm has a truly global reach. Since inception in 2011, Rubicon has closed on the sale, acquisition or refinancing of approximately 100 essential infrastructure, energy & utilities assets located across Europe, North America, Latin America and Asia with a combined enterprise value in excess of USD $40 billion. The firm is regulated by the Central Bank of Ireland. Learn more about the firm at: www.rubiconinfra.com and by following Rubicon Infrastructure Advisors on LinkedIn.
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