Ferrovial earns 1,000 million of capital gains after taking control of a highway in the US | Economy

The infrastructure company Ferrovial increased its control over the I-66 highway in Northern Virginia (USA) after its subsidiary Cintra acquired 5.7% of the company that owns that highway for 159 million euros. With this increase, the Spanish company now holds 55.7% of the capital of the US company, as reported to the National Securities Market Commission (CNMV). With this takeover, the group chaired by Rafael del Pino earns a pre-tax capital gain of 1,023 million euros.

Cintra exercised its preferential acquisition right over 10% of the capital owned by partner John Laing. Specifically, Cintra will finally acquire 5.704% of the capital, which increases its position to 55.704% of the shares. The operation amounts to 159 million euros, but it is accompanied by the commitment to inject capital to complete constructions for a value of 31 million euros.

The closing of the operation is still subject to obtaining administrative approvals and the entities that finance it. According to Ferrovial, the operation involves recognizing a pre-tax capital gain of 1,023 million euros. This figure corresponds to the difference between the book value of the previous 50% stake (374 million) and the fair value implicit in that stake (1,397 million, taking into account the price at which they bought that stake).

By taking control of the concessionaire, in addition, 100% of the project’s debt will be integrated into Ferrovial’s consolidated balance sheet, which is estimated to reach 1,780 million euros on December 31, 2021. According to the company, the capital gain generated will also be included, including the part related to minority interests.