Financial Close reached on Rubicon-advised Sale of Ashmore’s 100% Stake in a Major Colombian Toll Road
Financial Close reached on Rubicon-advised Sale of Ashmore’s 100% Stake in a Major Colombian Toll Road
BOGOTA, CL, June 2st , 2021 – Rubicon Capital Advisors (“Rubicon”) is pleased to announce the successful financial close of the sale by Ashmore Management Company Colombia SAS, on behalf of Ashmore Andean Fund, LP and Fondo Ashmore Andino II, FCP, (the “Seller”) of their 100% interest in Concesión Santa Marta Paraguachón S.A. (the “Concessionaire”). This follows the commercial close of the transaction which was reached in December 2020.
The Concessionaire is responsible for the design, build, finance, operation, maintenance, and transfer under a long-term concession agreement of the 285 km Santa Marta – Paraguachón road corridor located in the north of Colombia. The road forms part of Colombia´s first generation roads program (“1G”) and is an important tourist and commercial route that runs along Colombia’s Caribbean coast across the Magdalena and La Guajira regions and on to the eastern border of Colombia with Venezuela.
The transaction, which received strong interest from both domestic and international investors, represented one of the few brownfield investment opportunities in the Colombian infrastructure sector due to the limited number of assets that are fully operational. More opportunities within the sector are expected as the Colombian 4G road projects move towards completion and the future 5G road programme is officially launched.
Andres O’Byrne, Managing Director Colombia for Rubicon, stated “we are very pleased to have closed this transaction, which underscores Colombia as an attractive investment destination, even under the challenging conditions posed by the COVID-19 pandemic for demand driven assets. We expect strong interest from both domestic and international investors in the Colombian infrastructure sector to continue throughout 2021 and beyond”.
This transaction builds upon Rubicon’s strong track record in Latin America where the firm has closed multiple transactions across the region, including in Brazil, Mexico, Peru and Colombia. Rubicon has maintained its leading global position throughout 2020 for closing M&A and Debt advisory mandates in the infrastructure, energy and utility sectors and, from its global office network, is currently in the market with multiple transactions across Europe, North America, Latin America and Asia.
About Ashmore
Ashmore Colombia benefits from one of the largest on-the-ground teams in both Colombia and Perú, who have transacted in the region for over 10 years. It has a proven track record of creating value through a dedicated Portfolio Management team, proactive sourcing and a strong commitment to Environmental, Social and Governance assets. Currently, Ashmore Colombia manages two private equity funds with close to US$ 500 million in assets under management across Colombia and Perú.
About Rubicon Capital Advisors
Rubicon is one of the world’s leading investment banking firms focused solely on the infrastructure, energy & utilities sectors. With offices in Europe, the Americas and Asia, the firm has a truly global reach. Since inception in 2011, Rubicon has closed on the sale, acquisition or refinancing of over 100 essential infrastructure, energy & utilities assets located across Europe, North America, Latin America and Asia with a combined enterprise value in excess of USD $75 billion. The firm is regulated by the Central Bank of Ireland and its U.S. affiliate is a member of FINRA and SIPC and registered as a broker-dealer with the SEC. Learn more about the firm at: www.rubiconcapitaladvisors.com and by following Rubicon Capital Advisors on LinkedIn.
For additional media inquiries, contact:
David Fitzgerald
T: +353 1 906 0657
E: david.fitzgerald@rubiconcapitaladvisors.com