Sale of Concesionaria de Autopistas de Michoacán & Operadora de Autopistas de Michoacán Finalized; PINFRA Purchases Controlling Stake
Sale of Concesionaria de Autopistas de Michoacán & Operadora de Autopistas de Michoacán Finalized; PINFRA Purchases Controlling Stake
DUBLIN, IRELAND, July 9, 2019 – Rubicon Capital Advisors (“Rubicon”) is pleased to announce the combined 49.6% equity interest sale of Cointer/Grupo Azvi (25.2%) and SMC’s (24.4%) (the “Sellers”) stake in Concesionaria de Autopistas de Michoacán, S.A., and its associated operating company, Operadora de Autopistas de Michoacán, S.A.P.I. de C.V.
Concesionaria de Autopistas de Michoacán, S.A. (the “Project”) is a highway project comprised of 4 sections of a demand-based toll road (total length of c. 330km) located in the state of Michoacán, Mexico. The Project connects Michoacán’s four major commercial hubs – Morelia, Patzcuaro, Nueva Italia and Uruapan (with a cumulative population of c. 1.5 million) – and also acts as the main connection route from Mexico City to the Pacific coast, arriving at the Lázaro Cárdenas port, the second largest seaport in Mexico. Rubicon acted as exclusive financial advisor to the Sellers.
The Project received strong interest from both the domestic and international investor community. Ultimately, PINFRA, a Mexican based developer with a primary focus on construction and maintenance of transportation assets through its listed vehicle, FIBRAVIA, announced its intention to execute upon its pre-emption right to not only purchase the 49.6% stake being sold, but also purchase all other remaining stakes in the Project and its associated operating company.
“We were delighted to work again with Rubicon on this transaction,” noted Alfonso Budino, Cointer CEO. “From timely execution to running an informative valuation and due diligence process, we were extremely satisfied with the results.”
“This transaction builds on Rubicon’s strong long-standing relationships in Latin America, which resulted in an impressive shortlist of strategic partners and investors,” stated Managing Director & Partner Jesus Gonzalez Torrijos. “We were proud to have worked with Cointer and SMC to see this transaction to fruition, with successful results for both Sellers.”
This is the third time Azvi/Cointer has entrusted Rubicon as a financial advisor in conjunction with a transaction. The firms first collaborated back in 2015 when Rubicon advised Cointer on the sale of their equity interest in Metro de Malaga right rail system to InfraVia and Macquarie. Later in 2018, Rubicon advised Cointer in the refinancing of a Spanish PPP shadow toll road.
Rubicon has extensively advised in the Latin-American region most recently closing on an acquisition of a Mexican toll road asset in May 2018. Building on this and its successful transaction record in Latin America, Rubicon is planning to shortly announce the opening of a Mexico City office to complement its presence in Bogotá, Colombia in serving its growing regional client and investor base.
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, along with further expansion plans in 2019, 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 $50 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.
About Cointer
Cointer is a subsidiary of Grupo Azvi and is one of Spain’s largest privately held civil works construction companies with a total global workforce of 2,200 people. Grupo Azvi has built, through its construction company “Azvi”, more than 460km of high-speed railway, 2,000km of conventional railway, 1,500km of roads, 33,000m of tunnels and 12,250m of bridges and viaducts and currently owns, manages, maintains and operates concessions in the transport and social infrastructure sectors. Notable transportation assets owned by Cointer include: the 361km Michoacán Road Package and the Electronic Toll Collection along the 4,105 km of the Capufe Road Network in Mexico, the 107 km La Mancha Highway in Spain, the Chacalluta de Arica Airport in Chile and approximately 55.000 underground and on-street car park spaces in Spain, Brazil and Chile.
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For additional media inquiries, contact:
Tom Weirich
T: +1 212 974 2615
E: tom.weirich@rubiconcapitalusa.com